New York Moves To Align Stablecoin Rules With Federal GENIUS Framework
By CU Today Staff —
NEW YORK—New York regulators on Tuesday unveiled proposed changes to the state's stablecoin rules to align them with upcoming federal requirements governing state-supervised stablecoin issuers, Law360 reported.
The proposal comes as the U.S. Treasury Department develops rules required by the GENIUS Act, which established a federal framework for payment stablecoins while allowing certain state-regulated issuers to remain under state oversight if their regulatory regimes meet federal standards. Treasury's proposed rulemaking outlines requirements for stablecoin issuers involving anti-money laundering, sanctions compliance and other supervisory expectations.
New York already has one of the nation's most developed stablecoin regimes. Since 2022, NYDFS has required dollar-backed stablecoins issued under its supervision to maintain fully backed reserves, provide timely redemption rights and undergo regular attestations regarding reserve assets. Stablecoin issuers operating in New York generally do so through either a BitLicense or a state-chartered trust company supervised by NYDFS.
The move highlights how states are racing to adapt their frameworks ahead of the GENIUS Act's implementation. Federal regulators, including the Treasury Department, the Office of the Comptroller of the Currency and the FDIC, have all issued or proposed rules governing stablecoin issuers, while states such as Georgia and Florida have enacted legislation intended to satisfy the federal law's "substantially similar" standard.
Originally reported by CU Today.