The U.S. Treasury published a notice of proposed rulemaking under the GENIUS Act on April 1 and requested public comment on whether state stablecoin regulatory regimes are substantially similar to the federal framework. The proposal would allow stablecoin issuers with less than $10 billion in outstanding issuance to opt for state regulation rather than federal oversight, subject to that equivalency assessment. This marks an early implementation step for the act’s stablecoin regulatory framework.