SEC Commissioner Hester Peirce has proposed revisions to Rule 15c3-1 to clarify the regulatory framework for payment-based stablecoins. The proposal includes a 2% capital deduction for brokerage firms holding proprietary payment stablecoin assets. This move aims to provide clearer guidance under the broker-dealer net capital rule framework. The SEC has issued a FAQ detailing the regulatory treatment of these stablecoins, emphasizing that prior to the GENIUS Act, payment stablecoins had to be US dollar-denominated and issued by state-regulated entities. Post-Act, they must adhere to the GENIUS Act's definitions and requirements, including reserve asset standards and monthly audits.