The post U.S. Treasury Releases First Draft GENIUS Act Rules for Public Comment appeared on BitcoinEthereumNews.com.

The U.S. Department of the Treasury on April 1, 2026 released the first draft implementation rules under the GENIUS Act, opening a public comment period that will shape how federal and state regulators oversee payment stablecoin issuers. The proposed rule focuses narrowly on establishing principles for determining when a state-level regulatory regime qualifies as “substantially similar” to the federal framework, a central unresolved question in stablecoin oversight. What Treasury released and why the timing matters Treasury issued a notice of proposed rulemaking, or NPRM, that it described as the first regulation it has proposed to implement the GENIUS Act. The GENIUS Act was signed into law on July 18, 2025, creating a dual-track oversight model for payment stablecoins. The proposed rule does not cover the full scope of GENIUS Act implementation. It is specifically focused on broad-based principles for deciding when a state-level regulatory regime meets the federal standard, a determination that will affect which issuers can remain under state oversight rather than shifting to direct federal supervision. This NPRM follows an advance notice of proposed rulemaking that Treasury published in September 2025, which gathered broad implementation input. The comment period on that earlier notice was extended to November 4, 2025, reflecting the complexity of the issues involved. The April 2026 proposal also runs in parallel with separate GENIUS Act rulemakings by other agencies. The Office of the Comptroller of the Currency issued its own NPRM in February 2026, meaning Treasury’s draft is not the first rulemaking across all regulators, only the first from Treasury itself. Key provisions: the $10 billion threshold and state-regime similarity test The GENIUS Act established a size-based dividing line for stablecoin oversight. Payment stablecoin issuers with no more than $10 billion in consolidated total outstanding issuance may opt for a state-level regime, provided that regime…

---

Filed under: News - @ April 1, 2026 10:24 pm