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The U.S. Securities and Exchange Commission issued guidance on stablecoins Friday, writing in a statement that certain types of dollar-pegged tokens are not considered securities in the Commission's view. However, the SEC notably skipped offering a securities perspective on yield-bearing stablecoins, along with algorithmic stablecoins.
The SEC statement only covers stablecoins that are "designed to maintain a stable value relative to the United States Dollar... on a one-for-one basis, can be redeemed for USD on a one-for-one basis (i.e., one stablecoin to one USD), and are backed by assets held in a reserve that are considered low-risk and readily liquid with a USD-value that meets or exceeds the redemption value of the stablecoins in circulation."
Such coins, according to the SEC, "do not involve the offer and sale of securities."
Editor's note: This story is breaking and will be updated with additional detail.