US Treasury Seeks Comment on State-Level Stablecoin Regulatory Criteria

The US Department of the Treasury has issued a notice of proposed rulemaking (NPRM) seeking public comment on regulations for state-level stablecoin governance, as outlined in the GENIUS Act. This framework allows states to regulate stablecoins under a $10 billion market cap, provided their regulations align with federal policies. Key federal requirements include 1:1 reserve backing, monthly reporting, and adherence to anti-money laundering and sanctions policies, prohibiting rehypothecation. States can impose stricter rules, but must ensure outcomes are at least as stringent as federal regulations. Stablecoins exceeding $10 billion will fall under exclusive federal jurisdiction. The public has 60 days to submit comments, while ongoing debate surrounds yield-bearing stablecoins and their potential impact on traditional banking.

(Source：Cointelegraph)