U.S. Treasury Launches First GENIUS Act Rulemaking With 87-Page Proposal
Bitcoin Magazine
The U.S. Treasury has released an 87-page proposal to establish criteria for state-level stablecoin regulation under the GENIUS Act.Summary
The U.S. Department of the Treasury has initiated the rulemaking process for the GENIUS Act, which establishes a federal framework for stablecoins. The 87-page proposal outlines how the Treasury will evaluate whether state-level regulatory regimes are "substantially similar" to federal standards, allowing smaller issuers with under $10 billion in supply to remain under state supervision. The rule emphasizes mandatory reserve backing, anti-money laundering compliance, and monthly disclosure requirements, while clarifying the roles of federal and state regulators in overseeing the digital asset market.
(Source：Bitcoin Magazine)