State regulators expressed “significant concerns” with Treasury’s plan to use OCC rules as the baseline for assessing state stablecoin regimes.
New York’s DFS argued the approach “undermines” the state pathway Congress preserved, while the Conference of State Bank Supervisors said it “would swing stablecoin regulation toward a one-size-fits-all federal framework.”
CSBS release: https://www.csbs.org/newsroom/treasurys-substantially-similar-principles-state-stablecoin-regimes-need-recalibration