Author of the news: Crypto Emergency
The U.S. Department of the Treasury has taken an important step towards creating a unified regulatory framework for stablecoins by publishing the first draft of a regulatory proposal (NPRM) under the GENIUS Act. This 87-page document outlines the basic structure of future regulations and defines the principles of interaction between federal and regional regimes.
What the project offers
The Ministry of Finance proposes to allow issuers of payment stablecoins with a circulation volume of less than $10 billion to operate under state supervision, provided that local rules are 'substantially similar' to federal standards.
The agency has opened a 60-day period for comments during which market participants and the public can submit their proposals. All materials will be published.
Disagreements over the Clarity Act persist
Despite progress on GENIUS, representatives of the banking sector and the crypto industry have not yet reached a consensus on another key document — the Clarity Act, which should also regulate the circulation of stablecoins.