Treasury seeks public input on state stablecoin rules under GENIUS Act
Treasury opened a 60‑day rulemaking on state stablecoin oversight under the GENIUS Act. The NPRM was posted April 1, 2026 and seeks public comment on where state rules must match federal standards. Source.
The proposal locks in a dual track. Issuers under $10B in outstanding stablecoins can be supervised by approved states. Crossing $10B triggers automatic federal jurisdiction. Treasury.gov.
Uniform “no‑deviation” rules for state regimes:
- 1:1 reserves in cash or high‑quality cash equivalents
- Monthly public disclosures
- Full BSA/AML and OFAC sanctions compliance
- Ban on reserve rehypothecation
Treasury.gov
States keep room to be stricter on liquidity, extra capital, risk controls, exams, enforcement, and due process. The NPRM says outcomes must be “at least as stringent and protective” as the federal baseline. Treasury.gov.
A new Treasury Stablecoin Certification Review Committee, with the Fed, FDIC, NCUA, and OCC, will review and approve state frameworks before they operate. Treasury.gov.
Comments are due roughly early June 2026 via the federal public docket. Treasury.gov.
Context thread: Alex Thorn on Section 4(c).
