{"id":288767,"date":"2026-06-01T14:58:23","date_gmt":"2026-06-01T18:58:23","guid":{"rendered":"https:\/\/ncrc.org\/?p=288767"},"modified":"2026-06-01T14:59:16","modified_gmt":"2026-06-01T18:59:16","slug":"ncrc-submits-letter-to-treasury-on-genius-act-stablecoin-state-and-federal-regulatory-frameworks","status":"publish","type":"post","link":"https:\/\/ncrc.org\/ncrc-submits-letter-to-treasury-on-genius-act-stablecoin-state-and-federal-regulatory-frameworks\/","title":{"rendered":"NCRC Submits Letter to Treasury on GENIUS Act Stablecoin State and Federal Regulatory Frameworks"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"288767\" class=\"elementor elementor-288767\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6077edcd e-flex e-con-boxed e-con e-parent\" data-id=\"6077edcd\" data-element_type=\"container\" data-e-type=\"container\" 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data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"#elementor-action%3Aaction%3Doff_canvas%3Aopen%26settings%3DeyJpZCI6IjI2OTQ0YjgiLCJkaXNwbGF5TW9kZSI6Im9wZW4ifQ%3D%3D\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5ab76090 elementor-widget elementor-widget-text-editor\" data-id=\"5ab76090\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>June 1, 2026<\/p><p>Scott Bessent<br \/>Secretary of the Treasury<br \/>U.S. Department of the Treasury<br \/>1500 Pennsylvania Avenue, NW<br \/>Washington, DC 20220<\/p><p><em>Via: Federal\u00a0eRulemaking\u00a0Portal \u2013 <a href=\"https:\/\/www.regulations.gov\" target=\"_blank\" rel=\"noopener\">www.regulations.gov<\/a><\/em><\/p><p style=\"margin-left: 40px;\">Re: GENIUS Act Broad-Based Principles for Determining whether a State-Level Regulatory Regime is Substantially Similar to the Federal Regulatory Framework [<strong>Docket ID TREAS-DO-2026-0232: RIN 1505-AC90<\/strong>]<\/p><p>Dear Secretary Bessent:<\/p><p>The National Community Reinvestment Coalition (NCRC) appreciates the opportunity to comment on the notice of proposed rulemaking (NPRM) issued by the Department of the Treasury (Treasury) regarding broad-based principles for determining whether a State-level regulatory regime is substantially similar to the Federal regulatory framework pursuant to Section 4(a) of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act).<a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a>\u00a0The Act anticipates that stablecoin issuers that are not subsidiaries of depository institutions with consolidated outstanding payment stablecoins of less than $10 billion \u201cmay opt for State regulation so long as the State-level regulatory regime is substantially similar to the Federal regulatory framework and the Stablecoin Certification Review Committee (Committee) has approved the State-level regime upon determining that it meets or exceeds the standards and requirements described in section 4(a) of the GENIUS Act[.]\u201d<a href=\"#_ftn2\" name=\"_ftnref2\">[2]<\/a><\/p><p>NCRC is a network of more than 700 community-based organizations dedicated to creating a nation that not only promises but delivers opportunities for all Americans to build wealth and\u00a0attain\u00a0a high quality of life. We work with community leaders and policymakers to advance solutions and build the will to solve America\u2019s persistent racial and socio-economic wealth, income, and opportunity divides, and to make a Just Economy a national priority and a local reality.<\/p><p>NCRC urges Treasury to clearly establish that the Federal regulatory framework is a floor, not a ceiling for State-level regulatory regimes and allow states to meaningfully exceed the Federal standards. Further, NCRC urges that Treasury automatically update the definition of the Federal regulatory framework to include subsequent regulatory and legislative requirements and require states to incorporate them into their frameworks.<\/p><h3>1.\u00a0 The Federal framework must be a floor not a ceiling for State-level regulatory regimes<\/h3><p><strong>\u00a0<\/strong>The Treasury GENIUS Act NPRM interprets the Act\u2019s requirement that State regimes be substantially similar to the Federal regime as creating a ceiling over any state effort to exceed Federal requirements\u2014potentially preventing more protective state frameworks. If states impose additional requirements or restrictions, Section 1521.6 of the NPRM allows States to impose them so long as they do not conflict with any provision of the GENIUS Act and they \u201c<em>do not modify the State-level regulatory regime<\/em>\u00a0<em>such that it can no longer be reasonably viewed as substantially similar to the Federal regulatory framework<\/em>.\u201d<a href=\"#_ftn3\" name=\"_ftnref3\">[3]<\/a>\u00a0This provision has the potential to swallow the rule\u2013 and effectively prohibit states from creating more protective frameworks.\u00a0\u00a0Essentially, the Committee could view any State requirement that is more restrictive or protective as deviating too far from the Federal regulatory framework and rendering it no longer substantially similar. For example, if a State-level regime\u2019s redemption requirements exceed the Federal regulatory framework by requiring stablecoin issuers to redeem stablecoins within one business day of a holder\u2019s request<a href=\"#_ftn4\" name=\"_ftnref4\">[4]<\/a>\u00a0and cap the types of fees issuers can charge at redemption,<a href=\"#_ftn5\" name=\"_ftnref5\">[5]<\/a>\u00a0Treasury should not treat these stronger protections as insufficiently similar to the Federal framework.<\/p><p>The NPRM clearly states that State-level regimes \u201cmust not materially narrow, condition, or limit the scope\u201d of certain \u201cuniform\u201d requirements of the Federal framework.<a href=\"#_ftn6\" name=\"_ftnref6\">[6]<\/a>\u00a0Any final rule should clarify that the Federal framework acts as a floor and allows states to exceed or narrow the requirements, as they deem necessary to protect their consumers and financial stability.<\/p><h3><strong>2.\u00a0 Treasury\u2019s final rule should automatically incorporate future Federal statutory and regulatory changes and require states to update accordingly<\/strong><\/h3><p>The legislative and regulatory landscape regarding digital market structure and stablecoins is in flux. The Treasury NPRM defines Federal regulatory framework as including the GENIUS Act,<a href=\"#_ftn7\" name=\"_ftnref7\">[7]<\/a>\u00a0Office of the Comptroller of the Currency (OCC) interpretations or regulations published in the Federal Register, Treasury anti-money laundering and sanction requirements, and the Federal Reserve \u201canti-tying\u201d requirements.<a href=\"#_ftn8\" name=\"_ftnref8\">[8]<\/a> However, the definition does not include the digital market structure bill currently under consideration by Congress and although the Treasury NPRM states that the OCC\u2019s \u201cinterpretations and regulations&#8230;should be the baseline for comparison\u201d for the federal regulatory framework,<a href=\"#_ftn9\" name=\"_ftnref9\">[9]<\/a>\u00a0that baseline is not yet finalized. The comment period for the OCC\u2019s NPRM implementing the GENIUS Act just closed amid these same legislative uncertainties. Any final rule must include a mechanism for automatically incorporating changes to the Federal statutory and regulatory framework.<a href=\"#_ftn10\" name=\"_ftnref10\">[10]<\/a><\/p><p>In addition, State-level regimes should be required to update their frameworks, as well. Under the NPRM, the Committee\u2019s determination of substantial similarity will be at a single point in time. The proposal does not address how State-level frameworks will be required to continue to be aligned with the Federal framework as it evolves and the role of the Committee with respect to ongoing evaluation. Any final rule must require states to address updates to the Federal regulatory framework.<a href=\"#_ftn11\" name=\"_ftnref11\">[11]<\/a><\/p><p>For example, if through additional OCC guidance or regulations or other means, the Federal regulatory framework was to include new protections for consumers, it is not clear if State-level frameworks would be required to incorporate those new standards. Or if not, how and if the Committee or Treasury would deem State-level frameworks that do not incorporate those changes insufficiently similar to the Federal regulatory framework. Stablecoin issuers should not be allowed to operate in a State-level framework that is not substantially like the Federal regulatory framework. But, unless the final rule addresses the need for periodic reassessment, such State licensed issuers will be allowed to operate in potentially wildly dissimilar frameworks. And it may incentivize issuers to seek State-level licenses to avoid subsequent more stringent Federal requirements.<\/p><h3>Conclusion<\/h3><p>NCRC urges Treasury to:<\/p><ol><li>Clarify that the Federal regulatory framework acts as a true floor that allows states to impose stricter requirements on the stablecoin issuers they license;<\/li><li>Establish a mechanism for the Federal regulatory framework to be automatically updated to incorporate relevant legislative and regulatory changes; and<\/li><li>Require States to continuously update their frameworks to reflect changes to the Federal regulatory framework.<\/li><\/ol><p>Thank you for the opportunity to offer our input on the Treasury GENIUS Act NPRM. If you have any questions,\u00a0please\u00a0contact me\u00a0at\u00a0<a href=\"mailto:jvantol@ncrc.org\">jvantol@ncrc.org<\/a>, or Tara Flynn at\u00a0<a href=\"mailto:tflynn@ncrc.org\">tflynn@ncrc.org<\/a>.<\/p><p>Thank you for your consideration.<\/p><p>Sincerely,<\/p><p>Jesse Van Tol<br \/>NCRC President and CEO<\/p><p>\u00a0<\/p><p><a href=\"#_ftnref1\" name=\"_ftn1\">[1]<\/a>\u00a0Department of the Treasury,\u00a0GENIUS Act Broad-Based Principles for Determining whether a State-Level Regulatory Regime is Substantially Similar to the Federal Regulatory Framework, Notice of Proposed Rulemaking, 91 F.R. 16,844 (Apr. 3, 2026) [hereinafter Treasury GENIUS Act NPRM].<br \/><a href=\"#_ftnref2\" name=\"_ftn2\">[2]<\/a>\u00a0<em>Id.<br \/><\/em><a href=\"#_ftnref3\" name=\"_ftn3\">[3]<\/a>\u00a0Treasury GENIUS Act NPRM \u00a7 1521.6 (emphasis added).<br \/><a href=\"#_ftnref4\" name=\"_ftn4\">[4]<\/a>\u00a0The OCC\u2019s GENIUS Act NPRM proposes that timely redemption means not to exceed two business days following a requested redemption. See Treasury GENIUS Act NPRM, Question 31, at 36. Question 31 asks whether States should be required to incorporate the OCC\u2019s interpretation.<br \/><a href=\"#_ftnref5\" name=\"_ftn5\">[5]<\/a>\u00a0All that is currently required is disclosure of fees.\u00a0\u00a0See Treasury GENIUS Act NPRM, at 29.<br \/><a href=\"#_ftnref6\" name=\"_ftn6\">[6]<\/a>\u00a0Treasury GENIUS NPRM, at 29.<br \/><a href=\"#_ftnref7\" name=\"_ftn7\">[7]<\/a>\u00a0\u00a012 U.S.C \u00a7 5903.<br \/><a href=\"#_ftnref8\" name=\"_ftn8\">[8]<\/a>\u00a0GENIUS Act \u00a7 4(a)(8) (prohibiting a permitted payment stablecoin issuer from conditioning the provision of a stablecoin or related service on obtaining another product or service and designates the Federal Reserve to issue related rules).<br \/><a href=\"#_ftnref9\" name=\"_ftn9\">[9]<\/a>\u00a0Treasury GENIUS Act NPRM, at 8.<br \/><a href=\"#_ftnref10\" name=\"_ftn10\">[10]<\/a>\u00a0Treasury GENIUS Act NPRM, Questions 8-9 (seeking comment on what additional laws should apply in assessing substantial similarity).<br \/><a href=\"#_ftnref11\" name=\"_ftn11\">[11]<\/a>\u00a0See Treasury GENIUS Act NPRM Question 24 (seeking comment on licensing timelines and whether states must follow the Committee\u2019s procedures and interpretations).<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Complete the form to download the pdf: Yes, send me updates by email about NCRC research, events and news. Download Now Complete the form to download the pdf: Download June 1, 2026 Scott BessentSecretary of the TreasuryU.S. Department of the Treasury1500 Pennsylvania Avenue, NWWashington, DC 20220 Via: Federal\u00a0eRulemaking\u00a0Portal \u2013 www.regulations.gov Re: GENIUS Act Broad-Based Principles [&hellip;]<\/p>\n","protected":false},"author":3745,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_angie_page":false,"content-type":"","_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":"","_EventTimeRangeSeparator":"","_EventOrganizerID":[],"_EventVenueID":[],"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueState":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":"","_VenueShowMap":false,"_VenueShowMapLink":false,"page_builder":"","footnotes":""},"categories":[1046],"tags":[],"class_list":["post-288767","post","type-post","status-publish","format-standard","hentry","category-testimony"],"acf":[],"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false},"uagb_author_info":{"display_name":"NCRC","author_link":""},"uagb_comment_info":0,"uagb_excerpt":"Complete the form to download the pdf: Yes, send me updates by email about NCRC research, events and news. 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