The U.S. Securities and Exchange Commission (SEC) has issued new internal guidance that could significantly alter the classification of USD-pegged stablecoins. According to Bloomberg, some of these digital assets may now be treated as cash equivalents, marking a major shift in how U.S. regulators approach the crypto space.

🔹 Stablecoins Treated as "Cash"?

The SEC now advises its staff that USD-backed stablecoins with guaranteed redemption mechanisms may, under certain conditions, be classified as cash equivalents. This is a major breakthrough in recognizing stablecoins within traditional accounting frameworks.

This update comes as the SEC seeks to establish clearer rules for the fast-growing digital asset sector—especially where the line between fiat currency and blockchain technology is becoming increasingly blurred.

🔹 A Push to Modernize Financial Regulation

The move is reportedly part of a broader strategy led by Chairman Paul Atkins, who has previously expressed a desire to ease restrictive policies that have stifled crypto innovation in the U.S. In April, the SEC clarified that USD-backed stablecoins are not considered securities, and that issuers and redeemers of these tokens do not need to register with the commission as securities providers.

🔹 Project Crypto: The U.S. Aims to Catch Up

Last week, Atkins unveiled Project Crypto, an initiative building on recommendations from the President’s Working Group. Its aim is to modernize securities laws to enable U.S. financial markets to transition to blockchain-based infrastructure.

Industry experts see this as a potential turning point. According to analysts at Bernstein, the new framework represents a historic regulatory move that could position the United States at the forefront of the next financial evolution.

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