The U.S. Department of the Treasury releases the first draft of implementation rules for the GENIUS Act, seeking state-level regulatory feedback from small stablecoin issuers.

Golden Finance reports that on April 2, the U.S. Department of the Treasury released its first proposed rulemaking notice (NPRM) for the “Guidance and Establishing an American Stablecoin National Innovation Act” (GENIUS Act). The notice seeks public input on the criteria used to determine how state-level regulatory frameworks apply to small stablecoin issuers.
The proposal is intended to clarify that when state regulatory regimes are “substantially similar” to the federal framework, stablecoin issuers with issuance scales below $10 billion may choose to accept state regulation instead of full federal regulation.
The public will have a 60-day comment period after the rule is published in the Federal Register to provide feedback. The Treasury says the rule will set out general principles for determining whether state-level regulation meets federal standards.
At present, major U.S. bank regulatory agencies—including the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC)—are also rolling out related draft rules to advance the implementation of stablecoin regulatory frameworks. Meanwhile, the GENIUS Act still does not cover rules related to interest-bearing stablecoins, and this issue has become a major obstacle for Congress to move forward with broader crypto market structure legislation.