SEC allows broker-dealers to take 2% 'haircut' on stablecoins

CoinTelegraph

by Vince Quill

February 22, 2026

AI-Generated Deep Dive Summary

The U.S. Securities and Exchange Commission (SEC) has clarified that broker-dealers can apply a 2% “haircut” to their stablecoin holdings when calculating net capital requirements, ending previous uncertainty about whether these tokens should be subject to a 100% haircut. This clarification, published by the SEC’s Division of Trading and Markets in a Frequently Asked Questions document related to crypto asset activities, provides much-needed regulatory clarity for firms holding dollar-pegged stablecoins. Previously, broker-dealers were unsure how to classify stablecoin holdings under existing regulations, which led some to treat them as fully collateralized assets. This uncertainty created challenges for firms trying to comply with net capital requirements while managing their stablecoin exposures. The 2% haircut allows these institutions to account for the risk associated with stablecoins without overburdening their capital reserves. The move is significant because it provides a clearer regulatory framework for crypto asset activities, particularly in relation to stablecoins. By allowing a more lenient treatment of stablecoins, the SEC acknowledges the unique characteristics of these tokens, which are often seen as less volatile and more comparable to traditional financial instruments like cash equivalents. This clarification also underscores the growing importance of stablecoins in the broader financial ecosystem. As institutional adoption of cryptocurrencies continues to rise, regulators are increasingly focused on aligning crypto asset activities with existing financial regulations. By providing this guidance, the SEC is helping to bridge the gap between traditional finance and the crypto market. For readers interested in crypto, this development highlights the ongoing evolution of regulatory frameworks surrounding digital assets. It demonstrates how regulators are adapting to the rapid changes in the financial landscape, particularly as stablecoins gain traction as a tool for liquidity management and cross-border payments. This ruling could have far-reaching implications for how broker-dealers manage their capital requirements and engage with crypto assets moving forward.

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Originally published on CoinTelegraph on 2/22/2026