New York Proposes Stablecoin Rules Aligned with GENIUS Act

The New York State Department of Financial Services proposed a regulation to align its stablecoin framework with the federal GENIUS Act. The rule adds provisions from the U.S. Treasury Department's requirements for state certification, including limits on reserves held at any single custodian. Acting Superintendent Kaitlin Asrow said the proposal ensures full alignment with federal requirements while maintaining consumer protections.