U.S. SEC Clarifies 2% Haircut for Payment Stablecoin Positions in Net Capital Calculation

ChainCatcher report: On February 19, the U.S. Securities and Exchange Commission (SEC) updated its frequently asked questions regarding Rule 15c3-1 (Net Capital Rule) on its official website, clarifying the haircut treatment for broker-dealers when calculating net capital for proprietary positions in payment stablecoins. The guidance states that if a broker-dealer determines that its proprietary holdings of payment stablecoins qualify as having a “ready market” under Rule 15c3-1, it may apply a haircut of 2% based on the higher of the market value of its long or short proprietary positions. Under this approach, SEC staff will not object. Hester Peirce, Chair of the SEC’s Crypto Task Force, subsequently issued a statement supporting this approach. She emphasized that stablecoins are critical infrastructure for blockchain payments and transactions, and appropriate capital treatment enables broker-dealers to more effectively utilize stablecoins in custody, settlement, and tokenized securities-related activities. She noted that a 2% haircut is more aligned with the underlying reserves of payment stablecoins—primarily backed by U.S. dollars and high-quality short-term assets—than the 100% haircut some broker-dealers might adopt out of caution.