Forms and Procedures for Review of State Certifications by the Stablecoin Certification Review Committee
Key claim: Treasury is putting temporary forms and procedures in place so state payment-stablecoin regulators can submit certifications for a federal committee to approve or deny under the GENIUS Act.
Abstract
(Rule · Treasury Department) The Department of the Treasury is issuing this interim final rule on behalf of the Stablecoin Certification Review Committee (Committee). The Committee is adopting interim procedural regulations and forms to implement its responsibilities under section 4© of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act or the Act). The regulations set out a process to facilitate the Committee’s approval or denial of certifications submitted by State payment stablecoin regulators under section 4©(4) of the GENIUS Act, and prescribe the form of such certifications. This interim final rule will ensure that interim forms and procedural regulations are in place to facilitate submission of certifications by the effective date of the GENIUS Act, and the Committee intends to revise these forms and procedural regulations, as appropriate, following consideration of comments.
Why this matters
The GENIUS Act creates a dual federal-state structure for payment stablecoin issuers, and the Stablecoin Certification Review Committee is the gatekeeper that decides whether a state’s regulatory regime is substantially similar to the federal one. These interim forms and procedures operationalize that gate — without them, state-chartered stablecoin issuers cannot be approved to operate under state regimes.