SEC issues temporary accounting treatment guidelines for stablecoins

BlockBeats news, on August 5th, according to Bloomberg, the US Securities and Exchange Commission (SEC) is further advancing on the basis of preliminary cryptocurrency accounting rules, issuing a new staff guideline stating that certain stablecoins can be treated as cash. This temporary guidance comes at a time when the SEC is developing regulatory rules for encrypted securities. Under the leadership of SEC Chairman Paul Atkins, the committee has begun to gradually roll back some stricter policies, including accounting guidelines previously believed to hinder traditional lending institutions from entering the cryptocurrency market. According to the latest guidelines, holding certain stablecoins pegged to the US dollar can be classified as cash equivalents if these stablecoins have guaranteed redemption rights and their value is anchored to another type of asset.