United States: Staff Cedes Jurisdiction Over Certain Stablecoins
By: Cheryl L. Isaac, Richard F. Kerr, Sarah V. Riddell, and Keri E. Riemer
On 4 April 2025, the SEC’s Division of Corporation Finance (Division) issued a statement (Statement) providing that the offer and sale of certain “Covered Stablecoins” do not involve the offer and sale of securities within the meaning of federal securities laws. As such, persons involved in the process of offering, selling and redeeming Covered Stablecoins are not required to register those transactions with the SEC or rely on an exemption from registration.
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