PANews reported on August 5th that according to Bloomberg, the U.S. Securities and Exchange Commission (SEC) is further advancing preliminary cryptocurrency accounting rules by releasing a new staff guidance that explains certain stablecoins can be treated as cash. According to the latest guidelines, holding certain stablecoins pegged to the U.S. dollar, if these stablecoins have guaranteed redemption rights and are anchored to another asset, can be classified as cash equivalents.
This interim guidance comes as the SEC is developing regulatory rules for crypto securities. Under the leadership of SEC Chairman Paul Atkins, the commission has begun gradually withdrawing some stricter policies, including accounting guidelines previously considered to hinder traditional lending institutions from entering the crypto market.
