BlackRock Backs GENIUS Act Stablecoin Framework, Pushes 7 Recommendations

BlackRock has submitted a comment letter to the U.S. Office of the Comptroller of the Currency (OCC), endorsing the agency's proposed regulatory framework for payment stablecoin issuers under the GENIUS Act. The world's largest asset manager has put forth seven recommendations, advocating for wider reserve eligibility and adaptable compliance rules. BlackRock believes the GENIUS Act framework can significantly enhance real-time settlement and strengthen payment system standards. The firm favors the OCC's 'Option A,' which combines a principles-based approach with an optional quantitative safe harbor, including specific liquidity thresholds and maturity caps. BlackRock also requests that same-day settling government money market funds be counted towards the weekly liquidity floor and that qualifying ETFs receive equivalent treatment. Additionally, BlackRock urges the OCC to remove the proposed 20% cap on tokenized assets, arguing it penalizes form over substance, and to include U.S. Treasury Floating Rate Notes with up to two-year maturities as eligible reserves. The company also advocates for the continued availability of separately managed accounts for professional reserve management, aligning with CEO Larry Fink's view of tokenization as a new asset class.

(Source：BeInCrypto)