Circle (NYSE: $CRCL) has urged the US Securities and Exchange Commission (SEC) to clarify how regulated payment stablecoins should be treated under its proposed crypto fundraising rules, including a request to eliminate a 2% capital haircut for qualifying stablecoins held by broker-dealers.

In a comment letter submitted on October 20 and announced today, the issuer of USDC (CRYPTO: $USDC) backed the SEC’s proposed Regulation Crypto Assets but called for changes covering stablecoins, blockchain networks and the obligations of crypto issuers after their networks become operational.

The SEC introduced the proposal in August to…