"The proposed rule establishes broad principles to guide the determination of whether state-level stablecoin regulatory regimes are 'substantially similar' to the federal framework, allowing smaller issuers to remain under state supervision."
"The Treasury draws a clear distinction between 'uniform requirements' such as reserve backing and anti-money laundering compliance, and 'state-calibrated requirements' where local regulators retain discretion."
"The rule clarifies that state frameworks may exceed federal requirements, provided they do not conflict with federal law or undermine overall comparability."
"The NPRM marks Treasury's first formal step in translating the GENIUS Act into an operational regulatory regime for payment stablecoins, with final rules expected after the public comment period."
The U.S. Department of the Treasury has started implementing the GENIUS Act, releasing a notice of proposed rulemaking and opening a 60-day public comment period. The proposal outlines criteria for determining if state-level stablecoin regulations are substantially similar to federal standards, allowing smaller issuers to opt for state oversight. It distinguishes between uniform requirements and state-calibrated requirements, providing states with flexibility. The proposal emphasizes that state frameworks can exceed federal requirements without conflicting with federal law, marking a significant step in U.S. crypto legislation.
Read at Bitcoin Magazine
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