Federal Register #TREAS-DO-XX

Treasury Department Proposed Rulemaking for State-Level Stablecoin Regulation under GENIUS Act

This opportunity involves a proposed rulemaking by the Department of the Treasury regarding State-level regulation of payment stablecoins under the GENIUS Act. - Government Buyer: - Department of the Treasury - Office of the General Counsel - OEMs and Vendors: - No OEMs or vendors are specified, as this is a regulatory action seeking public comment, not a procurement of products or services. - Products/Services Requested: - Submission of public comments on proposed principles for determining substantial similarity between State-level and Federal regulatory regimes for payment stablecoins - Key topics for comment include: - Reserve asset requirements - Rehypothecation rules - Enforcement mechanisms - Anti-money laundering (AML) compliance - Timely redemption standards - Unique or Notable Requirements: - States may design their own regulatory regimes, but must align with Federal standards set by OCC, FRB, FDIC, and NCUA - Emphasis on flexibility for States while ensuring consistency with Federal requirements - Opportunity is for regulatory feedback, not product or service acquisition - Place of Performance/Submission: - U.S. Department of the Treasury, Office of the General Counsel, Washington, DC

Description

The Department of the Treasury proposes to implement section 4(c) of the GENIUS Act by establishing broad-based principles to determine when a State-level regulatory regime is substantially similar to the Federal regulatory framework for payment stablecoins. This notice of proposed rulemaking outlines the standards and requirements that State regimes must meet or exceed to be considered substantially similar, allowing State qualified payment stablecoin issuers to opt for State regulation. The proposal provides flexibility for States to design their regulatory regimes while ensuring consistency with Federal standards, particularly regarding reserve assets, rehypothecation, and enforcement mechanisms.

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