On April 2, the U.S. Department of the Treasury issued the first Notice of Proposed Rulemaking (NPRM) for the 'Guidance and Establishing a National Innovation Framework for U.S. Stablecoins Act' (GENIUS Act), seeking public comments on the criteria for determining the applicability of state-level regulatory frameworks to small-scale stablecoin issuers. The proposal aims to clarify that stablecoin issuers with issuance volumes below $10 billion may opt for state-level regulation instead of comprehensive federal oversight when the state regulatory system is deemed "substantially similar" to the federal framework. The public will have a 60-day period to provide feedback after the rule is published in the Federal Register. The Treasury Department stated that this rule would establish general principles for assessing whether state-level regulation aligns with federal standards. Currently, major U.S. banking regulators, including the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), are also releasing related draft rules to advance the implementation of the stablecoin regulatory framework. Meanwhile, the GENIUS Act does not yet cover regulations related to interest-bearing stablecoins, which has become a significant obstacle for Congress in advancing broader legislation on the structure of the cryptocurrency market.
The U.S. Department of the Treasury released its first draft implementation rule for the GENIUS Act, seeking public comments on state-level regulatory frameworks for small stablecoin issuers.
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