Treasury Adopts Interim Rule Setting Procedures for State Stablecoin Regime Certifications
Treasury, on behalf of a committee of federal regulators, adopted an interim final rule setting the forms and procedures State stablecoin regulators must use to certify their regimes.
Under the GENIUS Act, issuers with no more than $10 billion in outstanding payment stablecoins may operate under State rules only if the Stablecoin Certification Review Committee approves the State's regime. The Committee skipped notice and comment, citing the procedural-rule exemption and, alternatively, good cause under the Administrative Procedure Act.
An initial certification must include (i) an attestation, (ii) a detailed narrative, and (iii) supporting documentation. The Committee must act within 30 days of a complete submission, and approval requires a unanimous vote. The GENIUS Act takes effect January 18, 2027. Initial certifications are due one year later. A State meets that deadline by submitting any certification, even a conditional or incomplete one, by January 18, 2028.
States must recertify annually and describe each "material change" and "significant change in circumstances." A missed deadline means approval is deemed suspended. The Committee may deny recertification only if a change means the regime will not promote safe and sound issuer operation.
After a denial, the Committee must explain it in writing and give the State at least 180 days to cure and resubmit. If the denial rests on an Act of Congress or a Federal regulation, the period is the later of 180 days or two years from enactment or publication. After a second denial, the State may appeal to the D.C. Circuit.
The rule took effect September 30, 2026, but certifications will not be accepted until the Office of Management and Budget approves the information collection. Comments are due November 30, 2026, and information-collection comments by October 30, 2026. The rule builds on Treasury's proposed principles for judging whether State regimes are substantially similar to the Federal framework.