SEC Tetapkan Beberapa Stablecoin Sebagai Non-Securities Berdasarkan Pedoman Baru
SEC Says Certain Stablecoins Qualify as ‘Non-Securities’ Under New Guidelines https://cryptonews.com/news/sec-says-certain-stablecoins-qualify-as-non-securities-under-new-guidelines/

SEC Says Certain Stablecoins Qualify as 'Non-Securities' Under New Guidelines

Washington D.C. - The United States Securities and Exchange Commission (SEC) has issued new guidelines stating that certain fiat-backed stablecoins will be classified as "non-securities", exempting them from transaction reporting requirements.

The updated classification marks a pivotal moment in the regulatory landscape for digital assets, offering much-needed clarity for stablecoin issuers and market participants. According to the SEC notice, stablecoins that qualify as "covered stablecoins" must meet strict criteria: they must be fully backed by physical U.S. dollars or low-risk, short-term liquid instruments, and must be redeemable at a 1:1 ratio with the U.S. dollar.

The new framework excludes algorithmic stablecoins and synthetic dollar tokens that rely on software mechanisms or trading strategies to maintain their peg. The guidelines also prohibit covered stablecoin issuers from commingling reserves with operational funds, offering yield or profit-sharing to token holders, or using reserves for market speculation.

The updated classification has been welcomed by the broader crypto industry, with some notable figures sharing their thoughts on social media. "A clear step in focusing on what really matters in the crypto space," said Token Metrics founder Ian Balina.

The new guidelines also align closely with recent legislative proposals, including the GENIUS Stablecoin Bill introduced by Senator Bill Hagerty and the Stable Act of 2025 from Representative French Hill. These laws aim to solidify the U.S. dollar's status as the world's dominant reserve currency by encouraging the issuance of fully-backed, transparent stablecoins.

Stablecoin issuers like Tether – currently the world's largest – have become significant holders of U.S. Treasury bills, with Tether alone now ranking as the seventh-largest holder globally, surpassing nations like Germany and Canada.

U.S. Treasury Secretary Scott Bessent has underscored the importance of stablecoin regulation, describing it as central to the administration's strategy for maintaining dollar dominance in the digital age.

Not all reactions have been positive, however, with SEC Commissioner Caroline Crenshaw publicly criticizing the new guidelines. Crenshaw accused the SEC of misrepresenting the risks of USD-backed stablecoins and claimed the report contained "legal and factual errors."