The U.S. Treasury Department has released the first draft of implementing rules for the GENIUS Act, seeking public comment.

The U.S. Treasury Department has released its first proposed rulemaking document (NPRM) for the GENIUS Act, a stablecoin regulatory bill, marking the bill's entry into the implementation phase. This proposal focuses on the regulatory path for "small stablecoin issuers," proposing criteria to assess whether state-level regulatory systems are "substantially equivalent" to the federal framework. Under the bill, institutions with issuances below $10 billion can choose to be regulated by states, provided their regulatory systems comply with federal standards. The Treasury Department stated that the proposal aims to clarify the regulatory boundaries between states and the federal government and provide a clearer compliance path for the stablecoin industry. The public will have 60 days to submit comments on the draft rule. Meanwhile, other federal regulatory agencies, including the FDIC and OCC, are also developing related supporting rules, and the overall stablecoin regulatory framework is gradually taking shape.