BlockBeats message: On April 2, the U.S. Department of the Treasury officially initiated implementation work for stablecoin innovation with the “GENIUS Act,” releasing a proposed rulemaking notice for the first implementing regulation of the bill—spanning 87 pages, with a 60-day public comment period.
Under the “GENIUS Act,” payment-stablecoin issuers with a total issuance amount of no more than $10 billion may choose to accept a state-level regulatory regime, provided that the state’s regulatory framework is “substantially similar” to the federal regulatory framework. The U.S. Department of the Treasury will use this notice to set out broad principles for determining “substantially similar.”
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