New York Regulator Proposes Stricter Stablecoin Rules Aligned with Federal GENIUS Act
New York Regulator Proposes Stricter Stablecoin Rules Aligned with Federal GENIUS Act
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The New York Department of Financial Services (NYDFS) has unveiled a new stablecoin regulation proposal. This rule aims to align with the federal GENIUS Act and introduces more stringent requirements for stablecoin issuers, including specific reserve concentration caps and mandatory risk management programs.
The NYDFS has proposed a GENIUS Act-aligned stablecoin rule adding reserve concentration caps and mandatory risk management programs.