U.S. SEC Staff Declares Most Crypto Stablecoins Are Not Securities

The U.S. Securities and Exchange Commission (SEC) has stated it does not have jurisdiction over certain stablecoins and their issuers. Key points from the announcement include:

• Stablecoins, including Tether's USDT and Circle's USDC, are categorized as non-securities.
• Transactions involving the minting or redeeming of these stablecoins do not require registration under the Securities Act.
• Stablecoins are intended for commerce, payments, and value storage, not as investment vehicles.
• The House Financial Services Committee is advancing a stablecoin bill, with bipartisan support, toward a vote.
• Concerns have been raised by some congressional Democrats regarding potential influence from tech figures like Elon Musk in the stablecoin space.
• SEC Commissioner Hester Peirce advocates for rapid action on crypto policy adjustments, suggesting NFTs may also be included in future considerations.
• The SEC is hosting a series of crypto summits, focusing next on trading.
• Paul Atkins may soon take over as permanent chairman of the SEC following Senate approval of his nomination.