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Forms and Procedures for Review of State Certifications by the Stablecoin Certification Review Committee
Plain English Summary
The Department of the Treasury has introduced new rules for the Stablecoin Certification Review Committee. These rules will help the Committee review and decide on certifications from State regulators for stablecoins, as required by the GENIUS Act. This is a temporary measure to ensure that the process is ready by the time the Act takes effect. Insurance agents should be aware of these changes and stay informed about any updates or revisions to the procedures and forms.
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The Department of the Treasury is issuing this interim final rule on behalf of the Stablecoin Certification Review Committee (Committee). The Committee is adopting interim procedural regulations and forms to implement its responsibilities under section 4(c) of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act or the Act). The regulations set out a process to facilitate the Committee's approval or denial of certifications submitted by State payment stablecoin regulators under section 4(c)(4) of the GENIUS Act, and prescribe the form of such certifications. This interim final rule will ensure that interim forms and procedural regulations are in place to facilitate submission of certifications by the effective date of the GENIUS Act, and the Committee intends to revise these forms and procedural regulations, as appropriate, following consideration of comments.