The U.S. Department of the Treasury releases proposed rules for the GENIUS Act, seeking public comment on state-level regulation of small stablecoin issuers.

Coin World Network, April 2 news: According to The Block, the U.S. Department of the Treasury has issued a proposed rulemaking notice (NPRM), marking the agency’s first implementation rule for the stablecoin bill GENIUS. The proposal is intended to establish core principles for assessing whether each state’s regulatory framework is substantially similar to the federal framework. Under the provisions of the bill, small stablecoin issuers with an issuance size of less than $10 billion may choose state-level supervision in place of full federal oversight if their state regulation meets the requirements. The public can submit assessment feedback within 60 days through the Federal Register. Top banking regulators such as the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) have also successively released related proposed rules, working in tandem to advance the interpretation and implementation of stablecoin legislation. In addition, because the GENIUS bill does not include regulatory guidance for interest-bearing stablecoins, this policy gap has now become a core obstacle to Congress advancing broader market-structure legislation such as the Clarity Act.