The U.S. Department of the Treasury has taken a significant step in implementing the GENIUS Act’s stablecoin framework. On April 1, Treasury released a Notice of Proposed Rulemaking (the “Treasury NPRM”) to implement Section 4(c) of the Act, establishing broad‑based principles for determining whether a State‑level stablecoin regulatory regime is “substantially similar” to the federal regulatory framework established by the GENIUS Act. The Guiding and Establishing National Innovation for U.S. Stablecoins Act (the “GENIUS Act” or “Act”)…
California’s long‑anticipated digital asset licensing regime has finally arrived. Beginning today – Monday, March 9, 2026 – the California Department of Financial Protection and Innovation (“DFPI”) will be accepting license applications under the state’s Digital Financial Assets Law (“DFAL”). This marks the true operational start of California’s digital asset regulatory framework, and the beginning of the compliance clock for companies operating in California, placing the DFPI alongside the New York State Department of Financial Services…
On July 18, 2025, President Trump signed into law the Guiding and Establishing National Innovation for US Stablecoins Act (“GENIUS Act”), marking a pivotal moment in the evolution of digital asset regulation. As the first comprehensive federal framework governing payment stablecoins, the GENIUS Act introduces a robust regulatory regime designed to enhance market integrity and consumer protection. The GENIUS Act will take effect on the earlier of (i) January 18, 2027 (i.e., 18 months following…