According to The Block, BlackRock submitted a comment letter Friday (May 2) urging the Office of the Comptroller of the Currency to reject a proposed 20% quantitative cap on tokenized reserve assets under the GENIUS Act’s implementing rules. BlackRock argued the cap is “extraneous” to the OCC’s objectives, stating that risk profiles are driven by credit quality, duration, and liquidity, not whether assets are held on a distributed ledger.
The firm also recommended expanding the eligible reserve asset list to include U.S. Treasury floating-rate notes with up to two years of remaining maturity. BlackRock’s BUIDL fund, a tokenized Treasury product with $2.6 billion in assets, backs over 90% of reserves for Ethena’s USDtb and Jupiter’s JupUSD stablecoin, giving the firm significant exposure to how tokenized assets are treated under the new framework.
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