The Wall Street Journal reports that asset management giant BlackRock has submitted a comment letter to the Office of the Comptroller of the Currency (OCC), urging it to relax the draft restrictions on stablecoin reserve assets under the "Guidance and Establishment of the United States Stablecoin National Innovation Act." BlackRock strongly opposes the OCC's proposed regulation setting a 20% cap on tokenized reserve assets, emphasizing that asset risk depends on credit quality and liquidity, not whether they are based on distributed ledgers. If this cap is implemented, it will significantly limit the development of tokenized government debt products such as BlackRock's BUIDL fund (which currently provides over 90% reserve support for Ethena's USDTB and Jupiter's JUPUSD). Additionally, BlackRock has requested the OCC to explicitly confirm that U.S. Treasury bond ETFs meet statutory reserve requirements and has suggested including U.S. Treasury floating rate notes with remaining maturities of no more than two years in the list of eligible reserve assets.