US SEC Clarifies Net Capital Calculation Standard for Payment Stablecoins: Proprietary Position Subject to 2% Discount Rate

**February 21 – The U.S. Securities and Exchange Commission (SEC) updated its Q&A on Rule 15c3-1 (the Net Capital Rule) on February 19, clarifying haircut treatment for broker-dealers calculating net capital for proprietary positions in payment stablecoins.** **Per the guidance, if a broker-dealer designates its proprietary payment stablecoin holdings as having a “ready market” under Rule 15c3-1, SEC staff will not object to applying a 2% haircut to the larger market value of its long or short proprietary positions when computing net capital.** **SEC Crypto Policy Director Hester Peirce (often called the “SEC Crypto Czar”) promptly issued a statement backing the update. She emphasized stablecoins are a critical component of blockchain payment and trading infrastructure, and the appropriate capital treatment will help broker-dealers more effectively leverage stablecoins for custody, settlement, and tokenized securities-related activities. Peirce noted the 2% haircut aligns better with the reserves backing payment stablecoins—primarily U.S. dollars and high-quality short-term assets—than the 100% haircut some broker-dealers may apply prudently.**