Treasury lets states file for stablecoin review before finishing their rules

Treasury's Sept. 30 interim final rule establishes forms and review procedures for the Stablecoin Certification Review Committee, which reviews state stablecoin regimes. The Committee says a conditional or incomplete certification can meet the initial filing timeframe while a state completes planned legislative or regulatory work. The rule took effect Sept. 30. However, Treasury will not accept certifications until the information collection receives approval under the Paperwork Reduction Act. Treasury will announce when it begins accepting filings. A conditional filing can be amended at any time. A conditional filing does not begin substantive review or start the Committee's 30-day approval-or-denial clock. That clock starts only after a state submits a certification in accordance with the procedures. For substantive review, a state must provide an unconditional attestation signed by an authorized representative. The state must also provide a detailed explanation of how its regime meets Treasury's substantial-similarity principles, supporting legal materials and any information the Committee deems necessary. State-qualified payment stablecoin issuers with no more than $10 billion in consolidated outstanding payment stablecoin issuance may choose state regulation if their state regulator certifies that its regime meets Treasury's substantial-similarity criteria. The Committee must unanimously approve the regime as meeting or exceeding the standards and requirements in section 4(a) of the GENIUS Act. An initial filing does not automatically approve a state regime or grant a license to an individual stablecoin issuer. A separate Treasury proposal addresses the standards for comparing state and federal regimes; the September procedural rule does not finalize those principles. The rule uses Jan. 18, 2028 as the initial certification deadline, based on an expected Jan. 18, 2027 effective date for the GENIUS Act. The statutory filing deadline is one year after the Act takes effect. Under section 20, the Act takes effect on the earlier of two dates: 18 months after enactment or 120 days after primary federal payment stablecoin regulators issue any final implementing regulations. Comments on the interim procedures are due Nov. 30.