The New York DFS proposed a new regulation establishing requirements for authorized payment stablecoin issuers, aligning with the federal GENIUS Act framework.
What changed
The proposal introduces eligibility and approval standards, restrictions on certain activities, and requirements for reserves and custody.
Compliance perspective
Stakeholders should prepare for compliance with new eligibility requirements and consider submitting comments on the proposed regulation.
Need help keeping up with these changes?
Tell us where you operate and what licenses you hold; we'll handle the filings and renewals so changes like this do not catch you off guard.