SEC makes quiet shift to brokers' stablecoin holdings that may pack big results

CoinDesk

by Jesse Hamilton

February 20, 2026

AI-Generated Deep Dive Summary

The U.S. Securities and Exchange Commission (SEC) has made a significant yet subtle change to its policies regarding stablecoins, allowing broker-dealers to treat these digital assets as regulatory capital with minimal restrictions. In a recent update to its "Broker Dealer Financial Responsibilities" FAQ document, the SEC now permits broker-dealers to count 98% of their stablecoin holdings toward their capital requirements, down from the previous 100% haircut that effectively excluded them. This shift marks a major step forward for the crypto industry, as it reduces regulatory hurdles and allows firms to engage more freely in tokenized securities and other crypto-related activities. The change, which was championed by SEC Commissioner Hester Peirce and her Crypto Task Force, reflects the regulator's ongoing efforts to adapt to the evolving cryptocurrency landscape. By treating stablecoins similarly to traditional financial products like money market funds, the update helps bridge the gap between traditional finance and digital assets. Industry experts view this as a critical step toward fostering liquidity, settlement, and innovation in tokenized finance. While the policy adjustment is not a formal rule but rather informal guidance, it provides much-needed clarity for broker-dealers operating under SEC regulations. Cody Carbone of the Digital Chamber emphasized that this move reduces uncertainty for firms seeking to comply with securities laws while expanding their ability to offer crypto-related services. However, critics note that informal policies are easier to reverse and lack legal protections, underscoring the importance of Congress enacting comprehensive legislation like the GENIUS Act to establish a stable regulatory framework. This update is particularly significant for major players like Robinhood and Goldman Sachs, which rely on these calculations to operate effectively. By allowing stablecoins to function as capital, the SEC is enabling broker-dealers to play a more active role in the growing tokenized securities market. The implications extend beyond individual firms, as this shift could pave the way for broader adoption of crypto assets within traditional financial systems. Ultimately, while the policy change represents progress, it highlights the need for Congress to act on pending legislation to ensure long-term stability and innovation in the digital asset space. For now, the SEC's move serves as a notable step toward aligning regulatory oversight with the realities of modern finance, offering both opportunities and challenges for stakeholders across the crypto ecosystem.

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Originally published on CoinDesk on 2/20/2026