Circle asks SEC for stablecoin cash treatment and a zero haircut

Circle has urged the U.S. Securities and Exchange Commission to recognize qualifying payment stablecoins as cash in its proposed crypto fundraising rules and cut their broker-dealer capital haircut from 2% to zero. Circle wants GENIUS-compliant stablecoins recognized as cash for payments under the SEC’s proposed framework. A zero haircut would replace the current 2% staff treatment for qualifying broker-dealer positions. Hyperliquid Policy Center’s separate filing targets airdrops, secondary trading, safe-harbor access and automated buybacks. Arc’s validator structure features in Circle’s request for clearer treatment of ongoing technical services.