Treasury Proposes Standard for State Stablecoin Regimes

The Treasury issued an advanced notice of proposed rulemaking proposing that state stablecoin regulatory regimes must be “substantially similar” to the federal framework, meaning they must meet or exceed both the Genius Act’s statutory requirements and the OCC’s implementing regulations. Smaller issuers (under $10 billion) may be supervised by qualifying state regimes. The 60-day comment period is open.

Proposed rule: https://www.federalregister.gov/documents/2026/04/03/2026-06489/genius-act-broad-based-principles-for-determining-whether-a-state-level-regulatory-regime-is