The U.S. Office of the Comptroller of the Currency (OCC) and the Securities and Exchange Commission (SEC) published stablecoin guidance on September 21, providing the first detailed national guidance on how cryptocurrencies backed by fiat currencies should be treated under law. Further, the SEC said certain stablecoins might not be securities under federal law, but advised issuers to work with the agency and legal counsel to ensure this is the case. According to the statement, the SEC is willing to publish a “no-action” letter, which would assure the recipient that the regulator would not bring an enforcement action against the company. Citing earlier news, the OCC issued guidance that allows national banks and federal savings associations to hold reserve funds for stablecoin issuers.