Treasury's GENIUS Act Harmonizes State Stablecoin Oversight Rules
Published Date: 4/3/2026
Proposed Rule
Summary
The Treasury is setting clear rules to decide when a state's stablecoin regulations match the federal rules under the new GENIUS Act. This affects state regulators, stablecoin companies, and anyone involved in digital money, making it easier to know which rules apply. Comments on these proposed rules are open until June 2, 2026, so now’s the time to speak up!
Analyzed Economic Effects
5 provisions identified: 1 benefits, 2 costs, 2 mixed.
State Rules Must Meet or Exceed Federal Floor
Treasury proposes that to be “substantially similar” a State-level regulatory regime must meet or exceed the standards and requirements described in section 4(a) of the GENIUS Act. Treasury separates section 4(a) requirements into uniform requirements (which must be consistent in all substantive respects) and State‑calibrated requirements (which must produce outcomes at least as stringent and protective as the Federal framework).
State Opt‑In for Smaller Stablecoin Issuers
If your firm is a State qualified payment stablecoin issuer with consolidated total outstanding issuance of no more than $10,000,000,000, it may opt for State regulation instead of Federal oversight so long as the State-level regulatory regime is approved as substantially similar by the Stablecoin Certification Review Committee. This option applies to issuers that meet the $10 billion threshold in the GENIUS Act.
OCC Rules Serve as Federal Baseline
Treasury proposes to define the Federal regulatory framework primarily to include the OCC's interpretations and regulations published in the Federal Register as the baseline for comparing State regimes. For sections 4(a)(5) and 4(a)(6) (BSA/AML and sanctions) Treasury's own documents are included, and for section 4(a)(8) (anti-tying) FRB documents are included; generally, guidance not published in the Federal Register is excluded except for BSA/AML and anti-tying materials.
Certain Federal Statutory Rules Apply Equally
The proposed principles state that certain statutory requirements in the GENIUS Act apply equally to State qualified issuers. For example, the monthly disclosure requirement in section 4(a)(1)(C) and the naming prohibitions in section 4(a)(9)(A)(i) must apply to State issuers the same as to Federal issuers, so States may not permit less frequent disclosure or allow prohibited names.
States Can Add Requirements If Non‑Conflicting
Treasury proposes that States may impose additional requirements beyond the Federal regulatory framework provided those requirements do not conflict with the GENIUS Act, part 1521, or other Federal law and do not so modify a State regime that it can no longer be reasonably viewed as substantially similar. States retain latitude to add rules as long as they remain compatible with Federal law and the substantial similarity standard.
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Key Dates
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