For years, the SEC was unwilling to answer even simple questions like "are stablecoins securities?"

It's great to see the SEC give such a clear explanation as to why the answer is "no" under both the Howey and Reves tests.

This SEC is cleaning up the mess 🌟

The SEC has determined that fully-reserved, liquid, dollar-backed stablecoins are not securities. Therefore blockchain transactions to mint or redeem them do not need to be registered under the Securities Act. Helpful clarity from @SECGov. https://t.co/oUsq0snLaF

David Sacks

For years, the SEC was unwilling to answer even simple questions like "are stablecoins securities?"

It's great to see the SEC give such a clear explanation as to why the answer is "no" under both the Howey and Reves tests.

This SEC is cleaning up the mess 🌟
https://x.com/davidsacks47/status/1908263063650001144

Likely nothing in the short term. Footnote 4 says the guidance doesn't apply to yield-bearing stablecoins. I don't read that as SEC saying "yield-bearing stablecoins are securities," just punting for now. But USDe is definitely at a disadvantage, especially with stablecoin legislation also excluding yield from clarity.

what happens to projects like Ethena / USDe in your view based on this?

Beyond belief that it has taken this long for the bs to start to clear. I'll be happy when everyone has finally pulled thier head out

The next 10 years of global economies comes down to who wins the Rumble In The Jungle of fractional reserve banking vs narrow banks.

Wake me up when HMRC think that wrapping ETH to wETH isn’t a ‘disposal’. The cancerous parasitic turds are basically energy vampires