The US Treasury has published interim procedural rules for the state stablecoin certification process, setting out the application forms and review steps that state regulators must follow to have their regimes approved as substantially similar to the federal framework.
The rules were issued on behalf of the Stablecoin Certification Review Committee, the body established by the GENIUS Act comprising the Treasury Secretary, the Fed Chair and the FDIC Chairman. They took effect September 30, though certifications will not be accepted until paperwork approvals are completed.
This is a companion to the more consequential rulemaking on the criteria for substantial similarity, which Treasury proposed in April and which drew pushback from state regulators. That rule remains only a proposal.
The GENIUS Act requires states to submit initial certifications within one year of its effective date, which is January 18, 2028. Given that no federal regulator has finalized its own GENIUS Act rules, there has been concern among state regulators that the window will close before they can realistically comply.
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