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U.S. Treasury Department Starts Implementing the GENIUS Act
The U.S. Treasury Department has begun implementing the GENIUS Act. The regulator issued its first notice and urged market participants to provide feedback within 60 days.
In the 87-page document, the department explains how to determine whether state-level stablecoin regulations are "substantially similar" to the federal system.
Two Levels of Requirements
According to the GENIUS Act, issuers of "stablecoins" with issuance volumes under $10 billion may choose state-level regulation, provided they comply with federal standards.
The proposed rule sets general criteria for such assessments, leaving local authorities the freedom in licensing, supervision, and enforcement. The document divides the requirements into two types:
- Uniform — reserve backing, adherence to AML/CFT standards;
- Calibrable by states — where local regulators have the freedom to act (e.g., capital standards and risk management).
The key role in overseeing non-bank stablecoin issuers (when surpassing the $10 billion threshold) is assigned to the OCC — federal standards are tied to its rules and clarifications.
State regimes may be stricter than federal ones, but only if they do not contradict the law and do not undermine overall comparability.
Reporting and Naming Requirements
States will not be able to weaken the basic disclosure standards. Issuers are required to publish reports on reserve composition at least once a month — with the same frequency as at the federal level.
Naming restrictions also apply to both systems: state-regulated companies are prohibited from using certain terms in stablecoin branding.
The federal law remains the baseline. Any future legislation by Congress regarding stablecoin issuers automatically extends to firms under state supervision unless stated otherwise.
Context
The passage of the GENIUS Act in 2025 marked a turning point in U.S. cryptocurrency policy. The law established the first federal standard for stablecoins, requiring issuers to have full reserve backing, adhere to AML/CFT regulations, and publish reports.
At the same time, Congress is pushing additional bills, including the CLARITY Act, which will separate the jurisdictions of the SEC and CFTC.
Discussions are ongoing — the current version of the bill has raised concerns among industry representatives. Many have opposed the provision that prohibits issuers from paying earnings solely based on stablecoin ownership.
It’s worth noting that in March, U.S. authorities recognized the right of crypto mixer users to privacy.
Subsequently, new rules were proposed for 401(k) pension plans, reforms for the mining industry, and legislative protection for the strategic Bitcoin reserve.
See also: "Web3 Laboratory Launched in Ukraine in Collaboration with Binance"
