The SEC updates the employee guide on accounting rules for US dollar stablecoins, stating that some stablecoins may be considered cash.

On August 5, the U.S. Securities and Exchange Commission (SEC) updated its staff guidance regarding accounting rules for stablecoins. The core content of the new guidance is that if a stablecoin pegged to the U.S. dollar has a guaranteed redemption mechanism and its value stability is linked to another type of asset, it may be classified as "cash equivalents." This latest interim guidance is part of Chairman Paul Atkins' push to lift restrictive measures while the SEC formulates broader regulations for Crypto Assets. For example, in April of this year, the SEC clearly stated that "covered" U.S. dollar stablecoins are not considered securities and confirmed that entities engaged in the issuance and redemption of stablecoins do not need to register with the agency for such activities.