Treasury's Sept. 30 rule gives states flexibility on stablecoin certifications

  • Treasury established procedures for state stablecoin-regime certifications.
  • Jan. 18, 2028 is the stated deadline for initial certifications.
  • Comments on the interim procedures are due Nov. 30, Treasury says.

Treasury's Sept. 30 interim final rule establishes filing forms and review procedures for the Stablecoin Certification Review Committee, the federal body responsible for reviewing state stablecoin regimes. The Committee says states can submit conditional or incomplete certifications by the initial deadline and complete additional legislative or regulatory work before substantive review. The rule took effect Sept. 30, but certifications will not be accepted until the Paperwork Reduction Act approval process for the information collection is complete. Treasury will announce when submissions can begin. The flexibility applies to state-qualified payment stablecoin issuers with no more than $10 billion in consolidated outstanding payment stablecoin issuance. A state regime still requires certification against Treasury's substantial-similarity criteria and unanimous Committee approval that it meets or exceeds the standards and requirements in section 4(a) of the GENIUS Act. A conditional filing can be amended at any time, but it does not trigger substantive review or the Committee's 30-day approval-or-denial period. That clock starts only after an unconditional attestation, supporting legal materials, a detailed explanation of compliance with the similarity principles and other requested information are submitted. Treasury's separate proposal on substantial similarity remains unfinished under the procedural rule. Initial certifications use Jan. 18, 2028, based on the expected Jan. 18, 2027 effective date of the GENIUS Act, while the Act allows an earlier effective date under section 20. Comments on the interim procedures are due Nov. 30.

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