According to CoinDesk, the Securities Exchange Commission (SEC) has issued new regulations to clarify that some stablecoins are not classified as securities and are exempt from transaction reporting obligations. Some analysts believe that the stablecoins covered by the new SEC regulations may not include stablecoins issued by Tether, because the SEC pointed out that the acceptable reserves of stablecoins do not include precious metals or other crypto assets, which are included in Tether's reserves. In addition, the SEC also requires that any tokens must be convertible into US dollars at any time, but Tether's terms of service imply that there may be minimum or delayed exchanges.