WASHINGTON– Treasury has issued a notice of proposed rulemaking (NPRM) seeking public comment related to its implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.
The NPRM is the first regulation Treasury has proposed to implement the GENIUS Act.
“Under the GENIUS Act, payment stablecoin issuers with a consolidated total outstanding issuance of not more than $10,000,000,000 may opt for regulation under a state-level regulatory regime, provided that the state-level regulatory regime is substantially similar to the federal regulatory framework,” Treasury said. “The GENIUS Act directs Treasury to, through notice and comment rulemaking, establish broad-based principles for determining whether a state-level regulatory regime is substantially similar to the federal regulatory framework under the GENIUS Act.”
Treasury said it comments on the proposal from all interested stakeholders. The proposal builds on the advance notice of proposed rulemaking that Treasury issued last September seeking public comment on a wide range of matters relating to the implementation of the GENIUS Act, the department added.
Members of the public should submit comments in response to the NPRM within 60 days of publication in the Federal Register. The public comments will be publicly viewable at www.regulations.gov.
Changes to SBA’s ITL Program
Separately, America’s Credit Unions said that credit unions lending through the Small Business Administration’s (SBA) International Trade Loan (ITL) program will feel more secure in deploying capital to support small manufacturers. Starting May 1 through the ITL program, small manufacturers will be eligible for loans with a 90% federal guarantee. The SBA announced the change this week, representing a sizeable jump from the current 75% guarantee offered under the SBA’s 7(a) loan program.
The SBA also recently expanded ITL eligibility to include small businesses across the food supply chain, including those in agriculture, production, and logistics industries.
