NYDFS moves to align local stablecoin regulation with federal GENIUS Act framework

The New York State Department of Financial Services (NYDFS) on June 9 proposed new stablecoin regulations designed to bring the state’s existing framework into alignment with the federal GENIUS Act. The proposal preserves every dollar-backed stablecoin standard of the NYDFS that was established in its June 2022 guidance. It also touched on the provisions the...