BlackRock urges OCC to drop tokenized reserve cap idea, expand eligible assets in GENIUS Act comment letter
The Block
BlackRock submitted a letter to the OCC opposing a proposed cap on tokenized stablecoin reserve assets and requesting broader asset eligibility.Summary
BlackRock has submitted a formal comment letter to the Office of the Comptroller of the Currency (OCC) regarding draft rules for the GENIUS Act. The firm specifically opposes a proposed 20% cap on tokenized reserve assets, arguing that risk is determined by credit quality and liquidity rather than the use of distributed ledger technology. Additionally, BlackRock requested that Treasury ETFs be explicitly recognized as eligible reserves and advocated for including U.S. Treasury floating-rate notes in the list of permissible assets. These recommendations aim to provide stablecoin issuers with more flexibility in managing their reserves while maintaining safety standards.
(Source：The Block)