U.S. Treasury Initiates Implementation of Stablecoin Innovation Act

The U.S. Treasury has officially commenced the implementation of the Stablecoin Innovation Act, known as the GENIUS Act, on April 2. According to BlockBeats, the Treasury released a proposed rulemaking notice, marking the first regulation under the act, which spans 87 pages and opens a 60-day public comment period. Under the GENIUS Act, issuers of payment stablecoins with a total issuance not exceeding $10 billion can opt for state-level regulatory systems, provided that the state's regulatory framework is 'substantially similar' to the federal framework. The U.S. Treasury aims to establish broad principles for determining 'substantial similarity' through this notice.