Treasury's GENIUS Plan: Matching State Crypto Rules to Feds
Published Date: 4/3/2026
Proposed Rule
Summary
The Treasury is setting clear rules to decide when a state's stablecoin regulations match federal rules under the GENIUS Act. This helps stablecoin businesses know if they can follow just one set of rules instead of two, saving time and money. People and companies have until June 2, 2026, to share their thoughts before the rules become final.
Analyzed Economic Effects
6 provisions identified: 3 benefits, 3 costs, 0 mixed.
State Opt-In for Small Stablecoin Issuers
If your company is a State qualified payment stablecoin issuer with consolidated outstanding issuance of no more than $10,000,000,000, the State-level regulatory regime may allow you to be regulated by the State instead of the Federal framework if the State regime is approved as substantially similar by the Stablecoin Certification Review Committee.
Automatic OCC Oversight Above $10B
State qualified payment stablecoin issuers that have consolidated total outstanding issuance of payment stablecoins greater than $10,000,000,000 transition to regulation and oversight by the Office of the Comptroller of the Currency (OCC).
State Rules Must Meet or Exceed Federal Floors
Treasury proposes States must ensure their State-level regulatory regime "meets or exceeds" the standards in section 4(a) of the GENIUS Act: uniform requirements must be consistent with the Federal regulatory framework in all substantive respects, and State-calibrated requirements must lead to outcomes at least as stringent and protective as the Federal standards.
Which Federal Rules States Must Match
Treasury proposes that the term "Federal regulatory framework" includes (i) the Act's text, (ii) OCC interpretations and regulations published in the Federal Register, (iii) Treasury regulations or interpretations for sections 4(a)(5) and 4(a)(6) (BSA/ sanctions), and (iv) FRB interpretations for section 4(a)(8) (anti-tying).
States Need Not Mirror Informal Federal Guidance
Treasury proposes that the Federal regulatory framework for substantial similarity generally excludes informal agency guidance not published in the Federal Register, so States would not be required to mirror such informal documents; exceptions include BSA/anti-money laundering, sanctions documents, and FRB anti-tying orders where applicable.
States May Add Nonconflicting Extra Rules
Treasury proposes that States may impose additional requirements beyond the Federal regulatory framework so long as those requirements do not conflict with the Act or part 1521 and do not render the State regime no longer reasonably viewable as substantially similar to the Federal framework.
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Key Dates
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