Blockchain Association files comments on Treasury's GENIUS Act stablecoin rule
- —Comments target the proposed rule under Section 3 of the GENIUS Act on stablecoin issuance
- —Association asks Treasury to rule out an open-ended 'functional equivalent' test for monetary value
- —It wants effective dates aligned with the GENIUS Act's provisions
- —Treasury is also urged to revisit its cost estimates for the industry
Why it matters: The rule will decide who can issue stablecoins in the U.S. and set the regulatory framework for the market for years.
Source: Coinfomania