The US Department of the Treasury is requesting feedback on proposed rules regarding the GENIUS Act, the legislation that legalizes payment stablecoins. The Guiding and Establishing National Innovation for US Stablecoins Act was signed into law earlier this year, yet questions remain.
Treasury states that, under the GENIUS Act, payment stablecoin issuers with a consolidated total outstanding issuance of not more than $10,000,000,000 may opt to be regulated under a state-level regulatory regime, provided that the state-level regulatory regime is substantially similar to the federal regulatory framework.
The Treasury, through notice-and-comment rulemaking, will establish broad-based principles for determining whether a state-level regulatory regime is substantially similar to the federal regulatory framework under the GENIUS Act.
This proposal builds on the advance notice of proposed rulemaking that Treasury issued last September, which sought public comment on other matters related to the implementation of the GENIUS Act.
Members of the public should submit comments in response to the NPRM within 60 days of publication in the Federal Register. The public comments will be publicly viewable at www.regulations.gov.