Treasury Proposes Framework for State Stablecoin Laws—Should You Issue Under a State Regime?

With its recent notice of proposed rulemaking (NPRM), the Department of the Treasury (Treasury) opened the door for state-regulated stablecoins by defining when state regimes may substitute for federal oversight. For background, the Guiding and Establishing National Innovation for US Stablecoins Act (the GENIUS Act or the Act) authorizes certain entities to issue stablecoins in the United States, including a federal qualified payment stablecoin issuer (FQPSI) and a state qualified payment... By: K&L Gates LLP