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Paradigm submits comments to the U.S. Department of the Treasury regarding GENIUS Act state-level stablecoin regulation recognition rules

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Wu Shuo has learned that the crypto venture capital firm Paradigm has submitted a letter of opinion to the U.S. Department of the Treasury, proposing amendments to the "substantial similarity" recognition rules for state-level stablecoin regulatory frameworks under the GENIUS Act. Paradigm supports the overall framework proposed by the Treasury Department but believes that some provisions may affect the practical usability of state-level issuance pathways, including: that the rule should not be finalized before the OCC-related implementation details are finalized; a 180-day approval period, correction procedures, and specific reasons for rejection should be set for state-level regulatory framework certification; allowing states to set operational expenditure assurance requirements based on issuer size and risk profile instead of a uniform requirement covering 12 months of operating costs; and explicitly restricting individual states from imposing additional constraints on state-level stablecoin issuers through expanding revenue limits or hindering cross-state operations.
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PerpMoodSwing
· 12h ago
Paradigm, as an investor, actively lobbies; while involved, their arguments are reasonable.
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LimeLeverageAlert
· 12h ago
Operational expenses are adjusted flexibly based on scale, smarter than a one-size-fits-all approach.
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StargazingWithAMirroredSphere
· 13h ago
Operating across states without restrictions cannot be implemented, or it would go against the vision of unified payments.
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SucculentCross-Section
· 13h ago
Paradigm's move this time is quite pragmatic; the 180-day buffer period is much better for small and medium-sized issuers.
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