BlockBeats news, August 5, according to Bloomberg, the U.S. Securities and Exchange Commission (SEC) is advancing further on preliminary cryptocurrency accounting rules and has released new staff guidance indicating that certain stablecoins can be treated as cash equivalents.
This temporary guidance comes as the SEC is developing regulatory rules for crypto securities. Under the leadership of SEC Chairman Paul Atkins, the commission has begun to gradually roll back some stricter policies, including previous accounting guidelines that were considered obstacles for traditional lending institutions to enter the crypto market.
According to the latest guidance, holding certain stablecoins pegged to the U.S. dollar, if these stablecoins have guaranteed redemption rights and are value-anchored to another type of asset, can be classified as cash equivalents.