The Treasury published its notice of proposed rulemaking as the market capitalization of dollar-pegged stablecoins neared $300 billion.
The US Department of the Treasury issued a notice of proposed rulemaking (NPRM) on Wednesday and is seeking public comment on proposed regulations for state-level stablecoin governance frameworks under the GENIUS Act.
The GENIUS stablecoin regulatory framework, also known as the “Guiding and Establishing National Innovation for US Stablecoins Act,” gives states the authority to regulate stablecoins with a market cap of less than $10 billion, as long as the regulations do not deviate significantly from federal policies.
The Treasury outlined several non-negotiable stablecoin regulations that must be in line with Federal regulations, including a 1:1 reserve backing with cash or high-quality cash equivalents and monthly reporting requirements.
States must also comply fully with federal anti-money laundering and sanctions policies for stablecoins, while upholding bans on token rehypothication, or using the same asset to support multiple claims.
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