The U.S. Securities and Exchange Commission is preparing updated guidance on stablecoin reserves and digital-asset custody, according to industry sources cited by Reuters. A formal proposal could arrive within days, adding pressure on crypto companies already navigating a tighter regulatory environment.

The expected move would focus on two core issues: how firms back stablecoins with reserves and how they safeguard customer assets. Both topics have become central to debates over investor protection, market stability, and the responsibilities of exchanges and custodians.

The timing also matters for companies operating across the Atlantic. The European Union’s Markets in Crypto-Assets framework, known as MiCA, is approaching a licensing deadline next month, forcing firms to prepare for new compliance standards in one of the world’s largest financial markets.

If the SEC releases the proposed rules, the draft would likely shape industry strategy in the U.S. and abroad. Crypto firms have long pushed for clearer rules, but any new standards are expected to bring fresh costs, operational changes, and closer scrutiny from regulators.