On April 2, the U.S. Treasury released the first proposed rulemaking notice (NPRM) for the Guidance and Establishment of the U.S. Stablecoin National Innovation Act (GENIUS Act), seeking public input on the criteria for determining the applicable state regulatory framework for small stablecoin issuers. The proposal aims to clarify that when a state regulatory system is 'substantially similar' to the federal framework, stablecoin issuers with a market capitalization below $10 billion may choose to be regulated at the state level rather than under comprehensive federal regulation. The public will have a 60-day comment period following the publication of the rule in the Federal Register. The Treasury stated that the rule will establish overall principles for determining whether state regulation meets federal standards. Currently, major U.S. banking regulators, including the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), are also releasing related draft rules to advance the stablecoin regulatory framework. Meanwhile, the GENIUS Act does not yet address rules for interest-bearing stablecoins, which has become a significant obstacle for Congress in advancing broader cryptocurrency market structure legislation.