The U.S. Department of the Treasury has taken a significant step toward stablecoin regulation by initiating its first official implementation process under the GENIUS Act. The department announced the release of a proposed rule draft, #AprilMarketOutlook NPRM(, for regulations to be developed within the legislative framework.

The 87-page draft regulation provides the first concrete outline of how the GENIUS Act will be implemented, with a particular focus on the compatibility of state-based regulatory regimes with the federal system. According to the proposal, stablecoin issuers with a total issuance size below $10 billion may choose to be subject to state-level regulations under certain conditions. However, these regimes must be "substantially similar" to the federal framework.

The Department of the Treasury has requested public and industry stakeholder feedback on the draft. According to the announcement, a 60-day comment period has been initiated for parties wishing to contribute to the regulatory process. All submissions will be publicly disclosed.

Meanwhile, regarding another stablecoin legislation, the Clarity Act, there has yet to be an agreement between banks and cryptocurrency representatives.

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