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Stablecoin Tether and Circle’s USDC dominate the market.
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The Securities and Exchange Commission issued a statement on Friday, clarifying that it does not deem certain stablecoins to be securities.
Specifically, the agency’s Division of Corporate Finance refers to stablecoins that are “designed to maintain a stable value relative to the United States Dollar, or ‘USD,’ on a one-for-one basis, can be redeemed for USD on a one-for-one basis … and are backed by assets held in a reserve that are considered low-risk and readily liquid with a USD-value that meets or exceeds the redemption value of the stablecoins in circulation” – which it calls “covered stablecoins.”

“It is the Division’s view that the offer and sale of Covered Stablecoins, in the manner and under the circumstances described in this statement, do not involve the offer and sale of securities,” the SEC said.
The clarification comes as the stablecoin sector of crypto has been ramping up on increasing optimism that Congress will pass its first piece of crypto legislation this year, and that it will focus on stablecoins. President Donald Trump has said he hopes lawmakers will send stablecoin legislation to his desk before Congress’s August recess.
Interest payments, stablecoins and the SEC
The SEC’s definition of a covered stablecoin does not allow for interest payments by the issuer to the user. “While earnings on these assets, such as interest, may be used by a Covered Stablecoin issuer at its discretion, no such earnings are paid to Covered Stablecoin holders,” the statement says.
That’s a topic Coinbase CEO Brian Armstrong is hoping Congress will change. He spoke on CNBC earlier this week, saying he’s “concerned about this idea that consumers cannot get interest on stablecoins” – doing so would make the issuer subject to securities law, he explained in a lengthy X post – and that he’d “like to see legislation that allows that.”

There are two competing pieces of stablecoin legislation now waiting on a full vote. This week, the House Financial Services Committee passed the Stablecoin Transparency and Accountability for a Better Ledger Economy Act (STABLE). Sen. Tim Scott, R-S.C, and Bill Hagerty, R.-Tenn., introduced the competing Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS) in February, and it was approved by the Senate Banking Committee last month.

Stablecoins are widely viewed as the next killer app for crypto. Their market has grown about 11% this year and about 47% in the past year. Tether and USD Coin dominate the market. Historically, they’re used for trading and as collateral in decentralized finance (DeFi), and crypto investors watch them closely for evidence of demand, liquidity and activity in the market. Increasingly, they’ve become more attractive to individual users and financial institutions alike for payments.
Outside of covered stablecoins, the universe of yield-bearing stablecoins – which the SEC implies would fall under securities law – has been “growing exponentially post the U.S. election, with the market cap of the five biggest surpassing $13 billion, or 6% of the total stablecoin universe,” according to JPMorgan.
The SEC’s regulatory guidance caps a busy week for stablecoin issuers. Circle, the issuer of the USDC filed for an initial public offering this week. If successful, it would be one of the most prominent pure-play crypto companies to list on a U.S. exchange, after Coinbase went public in 2021 through a direct listing.
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Traders work on the floor of the New York Stock Exchange on April 4, 2025.
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The iShares MSCI Emerging Markets ETF fell on Friday to its biggest drop since March 2020, as President Donald Trump’s retaliatory tariffs raised fears of a global trade war and recession.
The fund closed 5.56% lower, and ended the week down 7.29%. Year to date, it is now down nearly 3%.

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EM ETF on Friday

Many emerging market economies are key members of global supply chains and rely heavily upon exports for economic output, and they face significant headwinds from tariffs. Exports of goods and services accounted for 44% of South Korea’s GDP in 2023, according to the World Bank, and 21.8% for India and 19.7% for China.
The top 10 holdings of the exchange-traded fund, which account for 26.4% of total holdings, are all based in Taiwan, China, India or South Korea — nations that are among the hardest hit by Trump’s tariffs. Taiwan faces a 32% levy, while South Korea and India face a 25% and 26% rate, respectively.
China, which is subject to a cumulative tariff rate of 54%, declared on Friday that it would impose a retaliatory 34% duty on all U.S. imports from April 10. It also announced earlier in the week trilateral discussions with Japan and South Korea to coordinate their tariff response.
“If a trade war now is beginning, and if terms stay in place for an extended period and for many years, this is going to have more negative implications on the rest of the world than it will on the U.S. … Simply because exports and imports as a share of GDP is much more substantial in the rest of the world than it is in the U.S.,” said Torsten Slok, Apollo Global Management’s chief economist, during a conference call with investors Friday.Get Your Ticket to Pro LIVE
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In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12.
Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited! More

A big market sell-off can prompt individual investors to go into fight or flight mode, behavioral finance experts say.
That’s usually the worst time to make decisions on how to invest your money.

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As U.S. markets continue to suffer steep declines in the wake of the Trump administration’s new tariff policies, you may be wondering what the next best move is when it comes to your retirement portfolio and other investments.
Behavioral finance experts warn now is the worst time to make any drastic moves.

“It is dangerous for you — unless you can read what is going to happen next in the political world, in the economic world — to make a decision,” said Meir Statman, a professor of finance at Santa Clara University.
“It is more likely to be driven by emotion and, in this case, emotion that is going to act against you rather than for you,” said Statman, who is author of the book, “A Wealth of Well-Being: A Holistic Approach to Behavioral Finance.”
More from Personal Finance:Tariffs are ‘lose-lose’ for U.S. jobs and industryWhy uncertainty makes the stock market go haywireAmericans are suffering from ‘sticker shock’ — how to adjust
That may sound easier said than done when headlines show stocks are sliding into bear market territory while J.P. Morgan is raising the chances of a recession this year to 60% from 40%.
“When the market drops, we have sort of a herd instinct,” said Bradley Klontz, a psychologist, certified financial planner and managing principal of YMW Advisors in Boulder, Colorado. Klontz is also a member of the CNBC FA Council.

That survival instinct to run towards safety and away from danger dates back to humans’ hunter gatherer days, Klontz said. Back then, following those cues was necessary for survival.
But when it comes to investing, those impulses can backfire, he said.
“It’s an internal panic, and we’re just sort of wired to sell at the absolute worst times,” Klontz said.

‘Never trust your instincts when it comes to investing’

When conditions are stressful, our frame of reference narrows to today, tomorrow and what’s going to happen, Klontz said.
It may be tempting to come up with a story for why taking action now makes sense, Klontz said.
“Never trust your instincts when it comes to investing,” said Klontz, particularly when you’re excited or scared.

Meanwhile, many investors are likely in a fight or flight response mode now, said Danielle Labotka, behavioral scientist at Morningstar.
“The problem with that, in acting right away, is that we’re going to be relying on what we call fast thinking,” Labotka said.
Instead, investors would be wise to slow down, she said.
Just as grief requires moving through emotional stages in order to eventually feel good, it’s impossible to jump to a good investing decision, Labotka said.
Good investment decisions take time, she said.

What should be guiding your decisions now

Many investors have experienced market drops before, whether it be during the Covid pandemic, the financial crisis of 2008 or the dot-com bust.
Even though we’ve experienced volatility before, it feels different every time, Labotka said.
That can make it difficult to heed to the advice to stay the course, she said.
Investors would be wise to ask themselves whether their reasons for investing and the goals they’re trying to achieve have changed, experts say.
“Even though the markets have changed, why you’re invested, your values and your goals probably haven’t,” Labotka said. “These are the things that should be guiding your investments.”
While there is the notion that life well-being is based on financial well-being, it helps to take a broader view, Statman said.
At any moment, no one has everything perfect when it comes to their finances, family and health. In life, as in an investment portfolio, all stocks don’t necessarily go up, and it’s helpful to learn to live with the good and the bad, he said.
“Things are never perfect for anyone,” Statman said. More

President Donald Trump’s new tariffs will raise the prices on some goods more dramatically than others.
The costs for apparel like clothing and shoes; leather goods like gloves and handbags; and wool and silk products will increase by between 10% and 20% according to an analysis by the Budget Lab at Yale University.
The cost of motor vehicles could swell by over 8%.

Employees at a clothing factory in Vo Cuong, Bac Ninh province, in Vietnam.
SeongJoon Cho/Bloomberg via Getty Images

The Trump administration’s plan to slap steep tariffs on goods from dozens of countries is expected to spike prices for consumers. Some items, like leather goods, will see a bigger jump than others.
The overall impact on households will vary based on their purchasing habits. But most families — especially lower earners — are likely to feel the pain to some degree, economists said.

According to an analysis by the Budget Lab at Yale University, the average household will lose $3,800 of purchasing power per year as a result of all President Donald Trump’s tariff policies — and retaliatory trade actions by other nations — announced as of Wednesday.

That’s a “meaningful amount,” said Ernie Tedeschi, the lab’s director of economics and former chief economist at the White House Council of Economic Advisers during the Biden administration.
The analysis doesn’t include the 34% retaliatory tariff China announced Friday on all U.S. exports, set to take effect April 10. The U.S. exported nearly $144 billion worth of goods to China in 2024, the third-largest market for U.S. goods behind Canada and Mexico, according to the Census Bureau.

Clothing prices poised to spike

The garment industry is among the most susceptible to tariff-related price shocks.
Prices for clothing and shoes, gloves and handbags, and wool and silk products will all increase by between 10% and 20% due to the tariffs Trump has so far imposed, according to the Yale Budget Lab analysis. Tedeschi noted that some of these price increases could take 5 years or more to unfold.

Srdjanpav | E+ | Getty Images

The bulk of apparel and shoes sold in the U.S. is manufactured in China, Vietnam, Sri Lanka and Bangladesh, said Denise Green, an associate professor at Cornell University and director of the Cornell Fashion + Textile Collection.
Under the “reciprocal tariffs” Trump announced Wednesday, Chinese imports will face a 34% duty. Goods from Vietnam, Sri Lanka and Bangladesh face tariffs of 46%, 44% and 37%, respectively.
Taking into account the pre-existing tariffs on China totaling 20%, Beijing now faces an effective tariff rate of at least 54%.

“The tariffs are disastrous for the apparel industry worldwide, but especially for smaller countries with highly specialized garment manufacturing,” Green said.
A lot of clothing production has moved overseas over the last 50 years, Tedeschi said, but it’s “very unlikely” clothing and textile manufacturing will return to the U.S. from Asia in the wake of the new tariffs.
“People will still import clothing to a large extent, and they’ll have to eat the price increase,” he said.

Car prices are another pain point

Various Mercedes-Benz vehicles assembled in the “Factory 56” production hall.
Picture Alliance | Picture Alliance | Getty Images

The duties announced Wednesday are on top of other tariffs Trump has imposed since his second inauguration, including duties on automobiles and car parts; copper, steel and aluminum; and certain imports from Canada and Mexico.
The cost of motor vehicles and car parts could swell by over 8% according to the Yale Budget Lab analysis.
Bank of America estimated that new vehicle prices could increase as much as $10,000 if automakers pass the full impact of tariffs on to consumers.
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“Rising car prices are already a major pain point for the vast majority of Americans who live in an area where they need a car to get to work, school, their kids’ activities, and medical appointments,” said Erin Witte, director of consumer protection for the Consumer Federation of America.
“These tariffs will make it much worse, and will significantly reduce Americans’ choices about what car they want to buy,” she said.

Tariffs on specific commodities like aluminum and steel affect consumers indirectly, since the materials are used to manufacture a swath of consumer goods.
White House spokesman Kush Desai pushed back on analyses that prices will spike because of Trump’s tariff policy.
“Chicken Little ‘expert’ predictions didn’t quite pan out during President Trump’s first term, and they’re not going to pan out during his second term when President Trump again restores American Greatness from Main Street to Wall Street,” Desai said in an e-mailed statement.
Trump’s second-term tariffs are orders of magnitude larger than his first term, however.
The first Trump administration put tariffs on about $380 billion worth of goods in 2018 and 2019, according to the Tax Foundation. The tariffs so far imposed in Trump’s second term affect more than $2.5 trillion of U.S. imports, it said.

There’s also evidence that the first-term tariffs raised prices for some consumers.
Retail prices for the typical washing machine and clothing dryer rose by about 12% each — about $86 and $92 per unit, respectively — due to 2018 tariffs on imports of washing machines, according to a study by economists at the Federal Reserve Board and University of Chicago. The increased cost to consumers totaled $1.5 billion a year, the study found.

Tariffs are expected to raise the U.S. inflation rate

Economists also expect the overall U.S. inflation rate to jump due to tariffs.
American businesses that import goods from abroad will be the ones on the hook for paying the cost of tariffs, and economists anticipate that companies will pass at least some of those costs on to consumers.

The tariffs are disastrous for the apparel industry worldwide, but especially for smaller countries with highly specialized garment manufacturing.

Denise Green
director of the Cornell Fashion + Textile Collection

An environment of rising prices for foreign goods may give U.S. businesses cover to somewhat raise their prices, too.
As a result, the consumer price index could jump to 4.5% later in 2025, Capital Economics estimated Thursday. That’s up from 2.8% in February, and roughly double the Federal Reserve’s long-term inflation target. More

As the tariff sell-off deepens, some investors may be eager to “buy the dip,” or purchase assets at temporarily lower prices.
However, the strategy can be difficult since, of course, no one can predict future stock market moves, experts say.

Anchiy | E+ | Getty Images

As the stock market continues to fall, some investors are eager to “buy the dip,” or purchase assets at temporarily lower prices. Financial advisors, however, urge clients to stick with long-term investing plans amid the latest volatility.
U.S. stocks plunged on Thursday after President Donald Trump issued sweeping tariffs on more than 180 countries and territories. The sell-off continued Friday after China unveiled plans to impose a 34% retaliatory tariff on all goods imported from the U.S.

As of Friday afternoon, the Dow Jones Industrial Average was down more than 1,700 points following a 1,679.39 drop on Thursday. Meanwhile, the S&P 500 was off 4.8% after losing 4.84% the previous day. The tech-heavy Nasdaq Composite slid by 4.9% after plummeting 5.97% on Thursday.
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If you’re looking for buying opportunities while assets are down, here are some things to consider, according to financial advisors.

Timing the market is ‘impossible’

When asset values fall, there’s often chatter in online communities like Reddit about whether to “buy the dip.” Typically, investors aim to buy at a discount and expect an eventual recovery, which could lead to future gains.
While buying cheaper investments isn’t a bad idea, the strategy can be tricky to execute since, of course, no one can predict stock market moves, experts say. 

“We never recommend timing the market, mostly because it is impossible to do without simply getting lucky,” said certified financial planner Eric Roberge, CEO of Beyond Your Hammock in Boston.  
Instead, you should “stick to a thoughtful, rules-based investment strategy designed to get you through to your long-term goals,” he said. 

Keep a ‘disciplined approach’

When buying assets during a market downturn, you need a “disciplined approach,” according to CFP Jay Spector, co-chief executive officer of EverVest Financial in Scottsdale, Arizona. 
For example, some investors linger in cash while waiting for rock-bottom prices. But no one can predict the bottom of the market, experts say.
Waiting on the sidelines can be costly because the best returns can follow the biggest dips, according to research from Bank of America.Rather than trying to time the bottom, you should consider “dollar-cost averaging,” which systematically invests your money at set intervals, Spector said. The strategy can capture lower prices while reducing risk, he said. More

Fears of a global recession were ignited this week on the heels of President Donald Trump’s new tariff policy.
The market took another beating on Friday but CNBC Financial Advisor Council members say maintaining a consistent investment strategy is key.

Fg Trade | E+ | Getty Images

Meanwhile, J.P. Morgan raised its odds for a U.S. and global recession to 60%, by year end, up from 40% previously.
“Disruptive U.S. policies has been recognized as the biggest risk to the global outlook all year,” J.P. Morgan strategists said in a research note on Thursday.
Allianz’s Chief Economic Advisor Mohamed El-Erian also warned on Friday that the risk of a U.S. recession “has become uncomfortably high.”

‘There is some nervous energy’

“There is some nervous energy there,” said certified financial planner Douglas Boneparth, president of Bone Fide Wealth in New York, of the conversations he is having with his clients.

Even though stocks took a beating on Friday, “we advise them to focus on fundamentals and what they can control, which means maintaining a strong cash reserve and discipline around cash flow so that they can stay in the market and feel confident about taking advantage of buying opportunities,” said Boneparth, a member of the CNBC Financial Advisor Council.
More from Personal Finance:Tariffs are ‘lose-lose’ for U.S. jobs and industryWhy uncertainty makes the stock market go haywireAmericans are suffering from ‘sticker shock’ — how to adjust
Recession or not, maintaining a consistent cash flow and investment strategy is key, other experts say.
“The best way to manage these moments is to maximize your current and future selves is to block out noise that doesn’t apply to your plan,” said CFP Preston Cherry, founder and president of Concurrent Financial Planning in Green Bay, Wisconsin.
Letting emotions get in the way is one of “the greatest threats to life and money plans,” said Cherry, who is also a member of the CNBC Advisor Council.

When it comes to volatility tolerance, sharp drops in the market are to be expected, the advisors say.
“The stock market is unpredictable, but historically, there’s a trend in how the market recovers,” Cherry said.
“In years with market corrections and pullbacks, these are the worst days, which are followed by the best days,” he added.

In fact, the 10 best trading days by percentage gain for the S&P 500 over the past three decades all occurred during recessions, often in close proximity to the worst days, according to a Wells Fargo analysis published last year.
“Being out of the market and missing the best days and cycles after recessions significantly hurt portfolios in the long run,” Cherry said.
Boneparth said his clients also “know volatility and uncertainty is part of the game and, most importantly, know not to sell into chaos.”
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As college costs continue to climb, financial aid has not kept pace, recent reports show.
To bridge the affordability gap, more top schools are rolling out increasingly generous aid packages and even tuition-free policies.
However, “the arms race for financial aid is setting up an extreme crescendo for college admissions,” says Jamie Beaton, co-founder and CEO of Crimson Education, a college consulting firm. 

Fstop123 | E+ | Getty Images

While most people agree that a college education is worthwhile, fewer say it’s worth the high cost.
However, as college costs continue to rise, many top schools are responding by offering more generous financial aid packages to ensure affordability for qualified students, with some even covering the entire cost for low-income families. 

College tuition has surged by 5.6% a year, on average, since 1983, significantly outpacing other household expenses, a recent study by J.P. Morgan Asset Management found.
For the 2024-25 school year, tuition and fees plus room and board for a four-year private college averaged $58,600, up from $56,390 a year earlier. At four-year, in-state public colleges, it was $24,920, up from $24,080, according to the College Board.

Despite the rising costs, financial aid has not kept pace: Families now shoulder 48% of college expenses with their income and investments, up from 38% a decade ago, J.P. Morgan Asset Management also found.
The new, simplified Free Application for Federal Student Aid form, which first launched in 2023, was meant to improve access by expanding Pell Grant eligibility to provide more financial support to low- and middle-income families.
But even Pell Grants have not kept up with the rising cost of a four-year degree. Currently, the maximum Pell Grant award is $7,395, after notching a $500 increase in the 2023-34 academic year.

“Aid continues to not be enough and that’s the reality,” said Tricia Scarlata, head of education savings at J.P. Morgan Asset Management.
Taking on too much debt was also the No. 1 worry among college-bound students, according to a recent survey by The Princeton Review.
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Top colleges expand financial aid awards

This also comes amid President Donald Trump’s plans to dismantle the U.S. Department of Education and transfer the country’s $1.6 trillion student loan portfolio to the Small Business Administration.
“While the federal student loan program is in a state of flux, a lot of students are getting money directly from colleges,” said Eric Greenberg, president of Greenberg Educational Group, a New York-based consulting firm.

To bridge the affordability gap, some of the nation’s top institutions are boosting their financial aid awards to attract top students wary of sky-high college tab.
“There’s a trend of colleges with money using it as opposed to sitting on it,” Greenberg said.
Harvard University was the latest school to announce that it will be tuition free for undergraduates with family incomes of up to $200,000 beginning in the 2025-26 academic year. 
Nearly two dozen more schools have also introduced “no-loan” policies, which means student loans are eliminated altogether from their financial aid packages.

Acceptance rates hit all-time lows

Schools with the financial wherewithal to expand their no-loan aid programs are giving students a tremendous benefit, Scarlata said. “I think it’s wonderful — you still have to get into Harvard though.”
Coming out of the pandemic, highly selective colleges and universities experienced a record-breaking increase in applications, according to a report by the Common Application.
Now the acceptance rates at Ivy League schools are near rock bottom. Harvard’s acceptance rate is just under 4%, down from more than 10% two decades ago; at Princeton and Yale, it’s about 5%, down from 12% and 10%, respectively.
“The arms race for financial aid is setting up an extreme crescendo for college admissions,” said Jamie Beaton, co-founder and CEO of Crimson Education, a college consulting firm. 
More generous aid packages and tuition-free policies remove the most significant financial barrier to higher education and attract even more applicants, he said — at schools that were already among the most difficult to get into.
“There’s a massive incentive to try to gain admission to top schools,” Beaton said. “The acceptance rate has halved. And it likely will again.”
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The deadline to claim your IRS stimulus check is April 15.
Filers who never received the 2021 stimulus payment of up to $1,400 could claim the recovery rebate credit on that year’s return.
But there’s generally a three-year statute of limitations for collecting refunds.  

Douglas Sacha | Moment | Getty Images

If you still haven’t filed your 2021 tax return and never received a pandemic-era IRS stimulus check, the deadline is April 15 because there’s a three-year window to claim refunds, according to the agency.
Filers who never got the 2021 stimulus payment of up to $1,400 could claim the recovery rebate credit on that year’s return.  

“If you didn’t get the stimulus, you’re running out of time,” said Syracuse University law professor Robert Nassau, director of the school’s low-income tax clinic. 
More from Personal Finance:How to file for a free tax extension in minutes before the deadlineAmid tariff turmoil, ‘timing the market doesn’t work, expert saysYou can still lower your 2024 tax bill or boost your refundThe IRS in December announced plans to automatically send “special payments” of up to $1,400 to 1 million taxpayers who didn’t claim the 2021 recovery rebate credit on tax returns for that year.  
The agency said most payments were expected to arrive via direct deposit or paper check by late January 2025, based on the taxpayer’s 2023 tax return information.
In order to see if the IRS issued a stimulus payment, you can create an online account and view “tax records” under the “records and status” toolbar. 
“That’s the best place to look,” said Tommy Lucas, a certified financial planner and enrolled agent at Moisand Fitzgerald Tamayo in Orlando, Florida.

Your IRS online account also shows if you filed a 2021 return, Lucas said. 
If you don’t submit your 2021 filing by April 15, you could also miss other tax breaks, such as the earned income tax credit, which can trigger a refund even without taxes owed, according to the IRS.  
Currently, there are more than $1 billion in unclaimed refunds for tax year 2021, the IRS estimated in early March. That represents more than 1.1 million taxpayers and a median unpaid refund of $781. These figures don’t include applicable credits, including the recovery rebate credit.

You need ‘proof’ of filing by the deadline

While there are several free options for tax returns this season, some may not offer electronic filing for 2021 returns, Nassau warned. 
If you’re forced to mail your 2021 return, you should send the filing via certified mail for “proof” you sent it by the April 15 deadline, he said. 
“I’ve had situations where the IRS gets something after the filing [due] date, and they just reflexively say it’s too late,” Nassau said. “Spend the $5 and send it certified.” More