The Office of the Comptroller of the Currency (OCC) has released a 376-page Notice of Proposed Rulemaking (NPRM) that lays out the first comprehensive federal implementation framework for the GENIUS Act. The proposal, published Feb. 25, 2026 (Federal Register Docket No. 91 FR 10202), includes 211 questions for comment. Public comments are due May 1, 2026, and the OCC is targeting July 18, 2026 for finalization (Source: OCC NPRM, 202602). At the center of the draft is a strict licensing and operating regime for permitted stablecoin issuers (PPSIs). Key provisions include: a continuously maintained 1:1 reserve requirement at fair value, a maximum redemption period of two business days, and an explicit prohibition on using reserve assets for collateralization, recollateralization, or any other form of reuse. The proposal offers no exceptions and no transition period for this ban. For large issuers with more than $25 billion in circulating supply, the OCC would also require deposit insurance coverage equal to 0.5% of reserve size, capped at $500 million, spread across multiple institutions (Source: Sullivan & Cromwell, 202603). If annualized redemptions hit a 10% trigger, the redemption window could automatically extend to seven calendar days, with notice to the OCC required within 24 hours (Source: Jones Day, 202603). Capital is another gating factor. The OCC estimates a practical minimum viable capital level for new applicants of $6.05 million to $25 million (Source: Covington & Burling, 202602). Bank subsidiaries and affiliates are positioned to benefit from a structural cost advantage because they can leverage existing compliance infrastructure rather than building it from scratch. A further complication is compliance uncertainty: the OCC draft explicitly defers AML/CFT requirements until the U.S. Department of the Treasury issues separate rules. As a result, licensed issuers could begin operating without a fully established AML framework, bearing the regulatory risk themselves. Market narratives around a "yield ban" may be oversimplified. While some coverage has framed the proposal as a blanket prohibition on stablecoin yields, policy analysis has pointed to the use of rebuttable presumptions, which may still leave room for platform-level rewards and merchant discount programs (Source: CoinDesk, 202603). The draft also embeds a resolution-style "waterfall" mechanism that could materially reshape issuer viability. If an issuer fails the capital test at the end of any quarter, it would be barred from issuing new stablecoins. Failing to meet standards for two consecutive quarters would trigger mandatory liquidation, and the issuer would be prohibited from charging redemption fees during that process. The mechanism is widely viewed as particularly challenging for crypto-native issuers with thinner capital buffers. A key open question is Tether's pathway to U.S. access. Under the draft, registering as an offshore PPSI (FPSI) would require a U.S. Treasury determination that the issuer's home-country regulator is "comparable," and it would require submission to U.S. federal court jurisdiction. No such determination has been made, and the political uncertainty remains high (Source: Sullivan & Cromwell, 202603). Timing matters. Once the OCC final rule takes effect, a 120-day compliance countdown would begin. If the final rule is issued before July 2026, the GENIUS Act could take effect as early as November 2026, accelerating the timetable for market restructuring. Risk note: The final rule could diverge meaningfully from the draft. One of the most consequential unresolved issues among the 211 requests for comment is the choice of liquidity standard design (Option A: principle-based vs. Option B: quantitative and mandatory), which could materially soften or tighten capital expectations. The analysis is also limited by the absence of finalized Treasury AML/CFT rules, and the assessment reflects information available as of March 2026. A major counter-signal would be a positive Treasury "comparable" determination for Tether's home jurisdiction, which could significantly alter competitive dynamics. This article is for informational and analytical purposes only and does not constitute investment advice.

The US Department of Labor has proposed steps to let 401(k) retirement plans offer cryptocurrency investment options, in a move it said is intended to carry out an order issued by former President Donald Trump.

Senators Cynthia Lummis and Bill Cassidy have introduced the "Mined in America Act," a Republican-backed bill aimed at strengthening digital asset mining in the United States and cementing a national strategic Bitcoin reserve. The proposal would codify President Donald Trump's executive order establishing the reserve and fund it with BTC seized by the Department of the Treasury through judicial and civil actions. Sponsors say the effort supports the broader push to make the U.S. the "crypto capital of the world" by expanding mining's role in the domestic economy. Investors are watching closely, as decisions around federal BTC holdings can influence the sector's overall market capitalization. The U.S. mining network already accounts for a substantial share of global hashrate, and the legislation seeks to protect that infrastructure from foreign competition. The bill directs the Department of Commerce to set up a voluntary certification program for mining pools and data centers, with the goal of standardizing practices and improving transparency and operational efficiency nationwide. Certified facilities would also be required to begin shifting away from mining equipment produced by companies tied to foreign adversaries, framing the measure as both an economic and national security initiative. Lummis, who has said she will not seek reelection in 2027, has been a leading advocate for crypto-related fiscal and regulatory reforms. The measure is positioned as part of her effort to establish a durable legal framework for digital asset growth before leaving office. Backers argue the "Mined in America" Act would further institutionalize Bitcoin in the U.S., pairing a domestic mining strategy with a strategic reserve to reinforce American technological and financial leadership in the evolving global digital economy.

The U.S. Securities and Exchange Commission has approved a change allowing broker-dealers to pledge equities in the Russell 1000 and the S&P 500 as collateral when borrowing securities. Regulators said the update is intended to boost liquidity and reinforce risk management across securities lending markets.

Cuba's Central Bank (BCC) has, for the first time, granted authorization to 10 companies—nine small, medium and micro enterprises plus one joint venture—to use cryptocurrencies to settle international payments, ME News reported on March 31 (UTC+8). The approvals are valid for one year and can be renewed upon application. Use of crypto assets is limited to cross-border payments tied to each company's core business activities, and transactions must be executed via virtual asset service providers (VASPs) licensed by the BCC. Authorized firms must also file quarterly reports with regulators, disclosing transaction volumes, the cryptocurrencies used and details of any intermediary service providers. The BCC has regulated virtual assets since 2021. In April 2022, it allowed the use of Bitcoin and other cryptocurrency platforms, subject to official authorization. The latest move marks the first time Cuban companies have been licensed to directly conduct international payment operations. (Source: Foresight News)

ChainCatcher reported, citing Forbes and research from Dune and Visa, that the total supply of non-U.S. dollar stablecoins has climbed to $1.2 billion, with monthly on-chain transaction volume around $10 billion. The number of addresses holding these tokens has surged from roughly 40,000 at the start of 2023 to 1.2 million today. Euro-denominated stablecoins posted the strongest gains, supported by the MiCA regulatory framework, with monthly transaction volume rising year over year from $383 million to $3.83 billion. Stablecoins pegged to the Japanese yen, Singapore dollar, Brazilian real, and other local currencies are also expanding, signaling a shift from a U.S. dollar-led market toward a multi-currency on-chain settlement system.

The U.S. Attorney's Office for the Southern District of New York has charged Jonathan Spalletta, a 36-year-old from Maryland, with hacking decentralized exchange Uranium Finance twice in 2021, according to The Block. Prosecutors say Spalletta first took about $1.4 million using deceptive smart-contract transactions, then returned weeks later to exploit a contract vulnerability and siphon off $53.3 million. The loss allegedly drained the platform's funds and led to its shutdown. Authorities allege the proceeds were laundered and used to buy millions of dollars in rare Pokémon and Magic: The Gathering cards, along with a piece of original fabric from the Wright brothers' aircraft that later traveled to the lunar surface during an Apollo mission. Spalletta is charged with computer fraud, which carries up to 10 years, and money laundering, which carries up to 20 years—a combined maximum of 30 years. U.S. authorities previously recovered $31 million in crypto assets in February 2025.

Republican Senators Cynthia Lummis and Bill Cassidy on March 30 introduced the Mined in America Act, a bill designed to expand the role of cryptocurrency mining in the U.S. economy and write into law President Trump's previously signed executive order establishing a strategic Bitcoin reserve, according to The Block. The legislation would direct the Department of Commerce to set up a voluntary certification program for mining pools and facilities. It also calls for a gradual shift away from mining equipment made by foreign adversarial companies, replacing it with certified alternatives. "The Mined in America Act will bring this industry home through forwardlooking measures to secure America's financial future," Lummis said.

The U.S. Department of Labor has proposed a rule to clarify how alternative investments such as private equity and cryptocurrencies could be included in 401(k) retirement plans, Reuters reported. Under the proposal, plan fiduciaries would be required to assess key considerations including performance, fees, liquidity, valuation, and product complexity. Fiduciaries that meet the rule's requirements would receive safe-harbor protections aimed at reducing litigation risk.