The U.S. Securities and Exchange Commission (SEC) has taken a major step toward embracing the crypto community. For the first time, the regulator has officially clarified which stablecoins are not considered securities, and it has also initiated a review of previous statements on digital assets. This move could significantly change how cryptocurrencies are viewed in the U.S. and open the door to broader adoption of blockchain technologies.
Stablecoins Outside SEC’s Jurisdiction? Only Under Certain Conditions
The SEC’s Division of Corporation Finance issued guidance stating that if a stablecoin is created and used not as an investment tool but as a means of payment, money transfer, or store of value — it does not fall under SEC jurisdiction.
This means such assets are not classified as securities and, therefore, are not subject to strict regulation under U.S. securities law.
Key requirements for such “non-securities” stablecoins:
– Pegged to the U.S. dollar (or another stable fiat currency);
– Fully backed by U.S. dollars or other reliable and liquid assets;
– Reserves are maintained equal to or greater than the amount of tokens in circulation;
– Issuer must redeem tokens on demand in any amount;
– No dividends, equity rights, or profit-sharing promises;
– Can be traded on secondary markets and handled by intermediaries.
In simple terms: if you issue a stablecoin similar to USDC or Tether, backed by trustworthy reserves and with no profit promises — your token will likely not be considered a security.
SEC to Repeal and Review Old Statements on Cryptocurrencies
Another important move was initiated by acting SEC Chair Mark Uyeda — a comprehensive review of previous SEC statements on digital assets. This is being carried out under Presidential Executive Order No. 14192, “Unleashing Prosperity via Deregulation,” and recommendations from the Department of Government Efficiency (DOGE).
The aim is to identify outdated or misleading regulatory positions that may confuse the market or hinder industry growth.
Documents under review include:
– The 2019 guidance on applying the Howey Test to digital assets — the primary legal framework for determining whether an asset is a security;
– A 2020 SEC letter on the legality of digital asset custody by trust companies in Wyoming;
– A 2021 investor warning on the “unique risks” of digital assets;
– A statement on the risks of investing in Bitcoin futures-linked mutual funds;
– A 2022 call for companies to disclose crypto-related risks transparently.
This effort could lead to a more balanced and modern SEC approach to regulating the crypto industry, especially if older warnings are withdrawn or relaxed.
What Does This Mean for the Crypto Market?
The SEC’s clarification is a signal to institutional players: if the rules are clear and achievable, the market is ready to move forward. Legal certainty has long been one of the main barriers to crypto development in the U.S., especially for banks, investment funds, and major fintech companies.
Now, with a clear stance on stablecoins and a large-scale review of existing policy, we can expect:
– Growth in the number of licensed stablecoin projects;
– More open dialogue between the SEC and the crypto industry;
– Increased institutional trust in digital assets;
– Potential easing of pressure on decentralized finance (DeFi) projects in the future.
The SEC is opening a new chapter in its relationship with the crypto market. Clear rules for stablecoin issuers and a willingness to revise outdated standards — that’s a step toward progress, not backward.
The future of cryptocurrencies in the U.S. now looks a bit clearer — and perhaps much brighter.
