The US Securities and Exchange Commission (SEC) clarifies its position on Stablecoins under the Trump administration.
In a new press release, the regulatory authority says that non-efficiency stablecoins are not eligible as the effects that fall under its jurisdiction because they ‘promote a commercial or consumer goal’.
According to the SEC, Stablecoins are not effects because those who buy them do not expect a return on their investment. Instead, they try to use the digital assets to buy goods and services and/or as value walks of value.
Moreover, the agency says that Dollar-Pegged crypto-assets are not divided in a way that encourages speculation or investing.
“Covered stablecoins are only brought to the market for use in trade, as a means to make payments, send money and/or to save value, and not as investments.”
However, the SEC has left the door open for the consideration of alternative types of stablecoins-as they are which yields, of the algorithmic variety, or linked to non-usd-asset-as effects, and notes that his new position on dollar-peeed assets does not apply to these types of products and a view of the prostis.
Under the Biden administration and the helm of former chairman Gary Genler, the SEC has submitted the SEC countless controversial lawsuits against crypto companies such as Kraken, Coinbase, Consensys and Ripple Labs and inspected the launch of Bitcoin (BTC)-based exhibit-based stocks.
In addition, the SEC counted the majority of digital assets, excluding BTC, as effects that fell under its regulatory jurisdiction.
Gensler was replaced by former SEC commissioner Mark Uyeda, who is currently acting as acting chairman of the agency.
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