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Treasury allows states to file for stablecoin approval before rules are done

The interim final rule clarifies that conditional or incomplete certifications can meet filing deadlines, but substantive review starts only once Treasury accepts completed submissions.

Reported · Written up by our desk · Regulation

U.S. Treasury released an interim final rule allowing states to begin the stablecoin-approval process even if their own stablecoin rules are still unfinished. According to the rule, states can submit an initial certification on time and complete remaining work before the federal government starts substantive review.

The framework sets forms and procedures for the Stablecoin Certification Review Committee, the federal body that reviews state stablecoin regimes. The committee says conditional or incomplete certifications can satisfy initial filing timing when states plan additional legislative or regulatory steps.

Treasury said the rule took effect Sept. 30, but certifications will not be accepted until after the Paperwork Reduction Act approval of the information collection. Treasury will post a notice announcing when acceptance begins.

The flexibility applies to state-qualified payment stablecoin issuers with no more than $10 billion in consolidated outstanding payment stablecoin issuance. States may use this path if their regulator certifies the regime meets Treasury's substantial-similarity criteria and the committee unanimously approves it as meeting or exceeding the standards in section 4(a) of the GENIUS Act, CryptoSlate reports.

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