PANews reported on April 2nd that, according to The Block, the U.S. Treasury Department has issued a notice of proposed rules for the GENIUS Act, seeking public comment on whether small stablecoin issuers meet the "substantially similar" state-level regulatory standard. This rule aims to address a provision in the GENIUS Act that allows stablecoin issuers with assets under $10 billion to choose state-level regulation over full federal oversight, provided that the state-level system meets the "substantially similar" standard. The public will have 60 days to submit feedback on the Treasury Department's proposed rules. This is the first time the Treasury Department has issued rules for implementing the GENIUS Act, and the third time the agency has sought public comment on the bill. Federal banking regulators FDIC and OCC have also issued notices of proposed rules. The GENIUS Act lacks guidelines for yield-based stablecoins, a major obstacle to Congress's progress on broader market structure legislation.