Treasury will let states file for stablecoin approval before finishing their rules

Treasury's Sept. 30 rule lets states preserve a path toward stablecoin-regime approval while their rules remain unfinished, by filing an initial certification on time and completing the work before substantive review.The interim final rule sets forms and review procedures for the Stablecoin Certification Review Committee, the federal body that reviews state stablecoin regimes. The Committee says conditional or incomplete certifications can satisfy the initial filing timeframe, even when additional state legislative or regulatory action is planned.The rule took effect Sept. 30, but says certifications will not be accepted until after Paperwork Reduction Act approval of the information collection. Treasury will post a notice announcing when acceptance begins.The 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 as meeting or exceeding the standards and requirements in section 4(a) of the GENIUS Act.Treasury's s...