The U.S. Treasury Department is rewriting rules for Treasury borrowing, requiring more Treasury transactions to go through central clearinghouses, a move that could impact the crypto industry through companies holding Treasuries as reserves for dollar tokens. The U.S. Securities and Exchange Commission (SEC) has set relevant deadlines: December 31 for eligible direct purchases and sales of Treasuries, and June 30, 2027, for eligible repurchase agreements. Stablecoin issuers rely on these services to convert reserve assets into customer dollars, so the cost and availability of Treasury transactions will affect how effectively their tokens operate.