Svmuu News The U.S. Treasury Department has issued the first Notice of Proposed Rulemaking (NPRM) for the stablecoin regulatory bill, the "GENIUS Act," marking the bill's entry into the specific implementation phase.
This proposal focuses on the regulatory pathway for "small stablecoin issuers," aiming to establish criteria to assess whether state-level regulatory systems are "substantially equivalent" to the federal framework. According to the bill, institutions with an issuance scale below $10 billion can opt for state-level supervision, provided their regulatory regime meets federal standards.
The Treasury Department stated that this proposal aims to clarify the regulatory boundaries between state and federal authorities and provide a clearer compliance path for the stablecoin industry.
The public will have 60 days to submit comments on the draft rules. Meanwhile, other federal regulatory agencies, including the FDIC and OCC, are also advancing related supporting rules, as the overall stablecoin regulatory framework is gradually taking shape.