Treasury issues GENIUS Act rule proposal, seeks comment on state oversight for smaller issuers
The Block
The U.S. Treasury has proposed new rules defining when state-level stablecoin oversight qualifies as substantially similar to federal GENIUS Act standards.Summary
The U.S. Treasury Department has issued a notice of proposed rulemaking (NPRM) to implement the GENIUS Act, which governs stablecoin issuance. The proposal establishes principles for determining if state-level regulatory regimes are "substantially similar" to federal standards, a requirement for smaller issuers with under $10 billion in assets to opt for state oversight. The public has 60 days to provide feedback on these guidelines as federal agencies continue to interpret the legislation's broader impact on the stablecoin market.
(Source：The Block)