The U.S. Department of the Treasury issued a notice of proposed rulemaking seeking public comment on its first proposed regulation to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The proposal would set broad-based principles for determining when a state-level regulatory regime is “substantially similar” to the federal regulatory framework under the Act. Under the GENIUS Act, payment stablecoin issuers with consolidated total outstanding issuance of no more than USD 10,000,000,000 may opt for regulation under a state-level regime if that regime is substantially similar to the federal framework. The proposed principles are intended to support that determination and build on Treasury’s advance notice of proposed rulemaking issued last September on GENIUS Act implementation topics. Comments on the proposal are due within 60 days of publication in the Federal Register and will be publicly viewable on regulations.gov.
U.S. Department of the Treasury 2026-04-01
U.S. Department of the Treasury launches consultation on principles for when state stablecoin regimes qualify under the GENIUS Act
The U.S. Department of the Treasury issued a notice of proposed rulemaking on its first regulation to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The proposal sets broad principles for assessing when a state-level regulatory regime is “substantially similar” to the federal framework, enabling payment stablecoin issuers with consolidated total outstanding issuance of no more than USD 10,000,000,000 to opt for state-level oversight.