Treasury Gives States a Lifeline to Approve Stablecoin Regimes Without Completing Rules

A shocking revelation has left the crypto world reeling - the Treasury has given states a lifeline to approve stablecoin regimes without completing their rules. The interim final rule, which took effect on September 30, allows states to file an initial certification on time and complete the work before substantive review. This flexibility matters for state-qualified payment stablecoin issuers with no more than $10 billion in consolidated outstanding payment stablecoin issuance. They may opt for state regulation if the state regulator certifies that its regime meets Treasury's substantial-similarity criteria and the Committee unanimously approves it. The rule provides forms and review procedures, including initial filing flexibility, while retaining substantive approval requirements. The Catalyst What’s moving crypto. Why it matters. Get CryptoSlate’s essential stories and what to watch next. Published on Substack Email address Subscribe free Seven days a week. Unsubscribe anytime. Whoops, looks like there was a problem. Please try again. Check your inbox. Your signup request was sent. If confirmation is required, follow the email from Substack. Look in spam or promotions if you don’t see it.

The Treasury's move has been met with a mix of relief and skepticism, with some hailing it as a necessary step to facilitate innovation and others questioning the potential risks. The rule uses January 18, 2028, for initial certifications, based on its expected January 18, 2027, effective date for the GENIUS Act. The statutory filing deadline is one year after the Act takes effect. Comments on the interim procedures are due on November 30.

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