Interpretation Section III.D: payment stablecoins issued by permitted payment stablecoin issuers are categorically not securities once the GENIUS Act is effective; until then the Commission interprets that offers and sales of Covered Stablecoins as described in the April 2025 staff statement (fully reserved, redeemable one for one, no interest) are not securities transactions and need no registration; other stablecoins may be securities depending on the facts and circumstances.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.