The U.S. Department of the Treasury has taken an important step toward regulating stablecoins by initiating the first official process under the GENIUS Act. The department announced the release of a proposed regulation (NPRM) to establish the foundation of this law. The 87-page draft regulation sets out the first concrete framework for implementing the GENIUS Act, with particular attention to ensuring regional regulatory regimes are compatible with the federal system. Accordingly, issuers of payment stablecoins with a total issuance volume of less than $10 billion may, under certain conditions, opt for state-level regulation. However, these regimes must be "substantially similar" to the federal system. Related news: The secret behind today's $285 million Drift Protocol hack revealed – attackers used incredible methods. The Treasury Department has solicited public and industry stakeholder feedback on the proposed regulation. According to the statement, a 60-day comment period has been initiated for parties wishing to contribute to the regulatory process. All submissions will be published. However, representatives from banks and the cryptocurrency industry have yet to reach an agreement on the Clarity Act, another law regulating the circulation of stablecoins.