According to Golden Finance, according to CoinDesk, the U.S. Securities and Exchange Commission (SEC) has issued new regulations to clarify that some stablecoins do not fall into the scope of securities and can be exempted from trading reporting obligations. Some analysts believe that the stablecoins covered by the new US SEC regulations may not include stablecoins issued by Tether, because the US SEC pointed out that the acceptable reserves of stablecoins do not include precious metals or other crypto assets, and both are included in Tether's reserves. In addition, the US SEC also requires that any token must be exchanged into US dollars at any time, but Tether's terms of service imply that there may be a minimum amount of redemption or delay in redemption.