US Treasury Department Requests feedback on proposed rules regarding GENIUS ActLegislation legalizing payment stablecoins. The National Innovation Guidance and Establishment Act for U.S. Stablecoins was signed into law earlier this year, but questions remain.
Treasury notes that under the GENIUS Act, payment stablecoin issuers with consolidated total outstanding issuances of no more than $10,000,000,000 may elect to be regulated under a state-level regulatory regime, provided that the state-level regulatory regime is substantially similar to the federal regulatory framework.
Through notice-and-comment rulemaking, Treasury will establish broad-based guidelines for determining whether the state-level regulatory regime is substantially similar to the federal regulatory framework under the GENIUS Act.
This proposal is based on preliminary notice of proposed rulemaking that the Treasury Secretary issued last September, which solicited public comment on other matters related to the implementation of the GENIUS Act.
The public is required to submit comments in response to the NPRM within 60 days of its publication in the Federal Register. Public comments will be publicly available at: www.regulations.gov.
