Original sourceForkastAdditional: OneSafe Blog
Summary
The US Treasury on September 30, 2026 published the first interim final rule under the GENIUS Act, effective immediately upon release, establishing a Stablecoin Certification Review Committee (SCRC) to assess whether state regulatory regimes are "substantially equivalent" to federal standards. The…
Key points
- Stablecoin issuers, custodians and payment firms can use this to judge whether to take the state or federal path and adjust capital, reserve and compliance arrangements early.
- This is the first step in the GENIUS Act moving from policy signal to binding rules, directly determining which issuers can remain under state supervision and which are forced into federal oversight.
- Large issuers face a 360-day timeline to shift to federal oversight, while smaller state-level issuers must pass annual SCRC reviews, changing compliance costs and cross-border operating arrangements.
- The rule follows delayed rulemaking at multiple federal agencies, marking a shift from guidance to immediately effective binding norms.
Editorial note
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