April 1, 2026 — Treasury issued first GENIUS Act NPRM establishing broad-based principles for determining when state-level stablecoin regulatory regimes are “substantially similar” to the federal framework.
Under GENIUS Act, issuers with ≤$10B outstanding may opt for state supervision if state regime certified substantially similar. Stablecoin Certification Review Committee must unanimously determine regime meets or exceeds Act standards.
Comments due 60 days after Federal Register publication (June 2, 2026). Builds on September 2025 Treasury ANPRM.