Anchorage Digital submits the Implementation Opinion Letter for the GENIUS Act, emphasizing the importance of a stablecoin regulatory framework

Golden Finance reports that on May 2nd, according to market sources, Anchorage Digital has submitted comments to the Office of the Comptroller of the Currency (OCC) regarding the rulemaking for the implementation of the GENIUS Act, stating that this framework will determine how stablecoins operate in the United States.
Anchorage Digital states that as the first federally regulated stablecoin issuer, it has already issued stablecoins for Tether, OSL Group, and Ethena, and plans to collaborate with Western Union to launch UDSPT, while also expecting to become a licensed payment stablecoin issuer (PPSI) once the bill takes effect. Anchorage Digital’s comment letter to the OCC shows that Anchorage Digital Bank (ADB) has proposed several amendments to the stablecoin issuance rules (NPRM) under the GENIUS Act, with core demands including: hoping the OCC recognizes its model of segregating reserve assets through a South Dakota trust structure, and provides corresponding arrangements in capital, reporting disclosures, and bankruptcy procedures; opposing rigid quantitative requirements such as a 10% daily liquidity deposit, a 40% cap on a single custodian bank, and a 20-day WAM, advocating for principles-based regulation based on stress testing and liquidity realization capabilities; suggesting the removal of the automatic 7-day redemption delay triggered if daily redemptions exceed 10%, arguing that this “gate” could actually induce a run; and also opposing the presumption that third-party or affiliated parties paying yields to token holders are “circumventing restrictions,” fearing that this could stifle white-label stablecoins and merchant discount use cases.