The statement of the SEC corporate finance department concerns the proposal and sale of stablecoins, secured in a ratio of 1: 1 dollar US or other fiat currency, as well as precious metals or a basket of assets. Stebblecoins can be produced and sold by fractional parts, and in this case they must also support the ratio of 1: 1 (0.5 stabilcoin equivalent to $ 0.50).
The agency explained that the wealthy stablecoins are crypto acts developed for making payments, money transfers and storage of funds. They should be provided with liquid assets with low risk, so that the issuer can easily make repayment on demand. The issuer should always be ready to release a token for $ 1 and redeem it for the same amount, without restrictions on the number of redempted stablecoins. Thanks to a fixed cost, the market price of secured stablecoin will remain stable with respect to the US dollar, SEC noted.
Wealthy stabiblcoins are created, offered and sold by an issuer or authorized intermediaries. Only these intermediaries can buy stablecoins directly from the issuer. Tokens holders can only acquire them in the secondary market, but in some cases there may be exceptions.
According to the law on securities from 1933 and the Law on Exchange from 1934, the persons participating in the process of creating and repaying wealthy stabelcoins do not need to register these transactions in the Sec, the regulator’s publication is indicated.
In February, the department stated that memcoirs are not considered securities, but warned about the risks of investment in this type of crypto assets. SEC later clarified that mining using the consensus algorithm Proof-OF-Work also does not fall under the law on securities.
Source: Bits
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