On Sept. 21, 2020, the Office of the Comptroller of the Currency (the OCC) issued guidance pertaining to whether national banks could hold stablecoin reserves. That same day, the Securities and Exchange Commission Strategic Hub for Innovation and Financial Technology Staff (the SEC) issued a statement in response to that guidance, advising whether such digital asset, or stablecoin, constituted a security for purposes of the federal securities laws.
Read the full GT Alert, “The OCC and SEC’s FinHub Issue Guidance on Fiat-Backed Stablecoin Reserves.”