meta_id 3027169

On April 1, 2026, the U.S. Department of the Treasury issued a notice of proposed rulemaking (NPRM) seeking public comment on its implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This represents the first regulation Treasury has proposed under the GENIUS Act framework. The NPRM establishes broad-based principles for determining whether state-level regulatory regimes are substantially similar to the federal regulatory framework. Under the GENIUS Act, payment stablecoin issuers with a consolidated total outstanding issuance not exceeding $10,000,000,000 may elect to operate under a state-level regulatory regime, provided it meets the Treasury's similarity criteria. This proposal builds on an advance notice of proposed rulemaking Treasury issued in September 2025, which sought public comment on wider implementation matters relating to the GENIUS Act. The Treasury welcomes comments from all interested stakeholders on the proposed principles. The comment period extends for 60 days from publication in the Federal Register. All public comments will be publicly viewable at www.regulations.gov. The NPRM document, titled "GENIUS Act Broad-Based Principles for Determining Whether a State-level Regulatory Regime Is Substantially Similar to the Federal Regulatory Framework," is available for review and comment submission. **References:** U.S. Department of the Treasury. (April 1, 2026). Treasury Seeks Public Comment on GENIUS Act Notice of Proposed Rulemaking Concerning State-Level Regulatory Regimes. Retrieved from https://home.treasury.gov/news/press-releases/jy1398