The US SEC issued temporary crypto accounting guidance: Some stablecoins can be treated as cash

PANews reported on August 5th that according to Bloomberg, the U.S. Securities and Exchange Commission (SEC) is making further progress based on preliminary cryptocurrency accounting rules and has issued new staff guidance stating that certain stablecoins can be treated as cash. According to the latest guidance, holding certain stablecoins pegged to the U.S. dollar can be classified as cash equivalents if these stablecoins have a guaranteed redemption right and their value is anchored to another asset class.

The interim guidance comes as the SEC develops its own rules for crypto-securities. Under Chairman Paul Atkins, the commission has begun rolling back some of its more restrictive policies, including accounting guidance that was previously seen as a barrier for traditional lenders entering the crypto market.