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The U.S. Securities and Exchange Commission (SEC) has clarified that certain stablecoins are not considered securities, marking a significant policy shift under its Trump-era leadership. In a new statement from the SEC’s Division of Corporation Finance, the agency confirmed that stablecoins backed one-to-one with high-quality liquid assets and used solely for payments, money transfers, or value storage fall outside its jurisdiction.
The statement, while not legally binding, emphasized that minting or redeeming such "covered stablecoins" does not require registration under the Securities Act. This position aligns with recent efforts by the SEC’s Crypto Task Force to reduce regulatory pressure on the digital asset industry. The agency previously excluded memecoins and proof-of-work mining from securities oversight.
Circle President Heath Tarbert welcomed the move, highlighting that USDC fits the SEC's criteria. However, Tether's USDT may not qualify due to its reserves, which include crypto assets and precious metals — both excluded in the SEC's definition. Additionally, the SEC requires stablecoins to be redeemable for dollars at any time, a condition not always met by Tether.
This clarification arrives as Congress pushes forward with new stablecoin regulations. Both the House and Senate have advanced bipartisan bills aiming to establish national standards for issuing stablecoins.
Political tensions around stablecoins continue to rise, with World Liberty Financial launching its own Trump-backed token and speculation that Elon Musk could follow suit. SEC Commissioner Hester Peirce supports the agency's swift policy reversals, suggesting NFTs may be next in line for similar treatment.
Interim Chairman Mark Uyeda has already begun rolling back major enforcement actions against crypto firms, and Trump’s nominee for permanent chair, Paul Atkins, awaits full Senate confirmation. The SEC's next crypto summit, focused on trading, is scheduled for next week.
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