**Base
#Hukum #SEC **
- The SEC uses the Howey Test to determine whether an asset qualifies as a security.
- #Stablecoins like
#USDT (Tether) or
#USDC (Circle) are generally not considered securities because:
- They do not promise returns (they only maintain a 1:1 peg with USD).
- They do not represent ownership or profit sharing (they are merely a medium of exchange/store of value).
- Exception: If a stablecoin offers features like staking/yield, the SEC may categorize it as a security (example: the case of Terra USD/UST that failed to maintain its peg).