12 CFR Part 1522 — Stablecoin Certification Review Committee

PART 1522—STABLECOIN CERTIFICATION REVIEW COMMITTEE Authority: 12 U.S.C. 5901 et seq. Source: 91 FR 61700, Sept. 30, 2026, unless otherwise noted. Subpart A—General Provisions § 1522.1 Scope and applicability. (a) Authority and purpose. et seq. (b) Subpart B. § 1522.2 Definitions. (a) To the extent not otherwise defined in this part, the terms used in this part have the same meaning given to them as in section 2 of the GENIUS Act (12 U.S.C. 5901). (b) For purposes of this part, the following definitions apply: (1) Act GENIUS Act et seq. (2) Material change (3) Significant change in circumstances (4) Stablecoin Certification Review Committee Committee (5) State (6) State payment stablecoin regulator (7) State-level regulatory regime, (i) All statutes enacted by the State regarding payment stablecoins; (ii) Any regulations regarding payment stablecoins or that apply to a State qualified payment stablecoin issuer issued by a State payment stablecoin regulator of the State or another regulator of the State; and (iii) Any interpretations or guidance thereunder, only to the extent they are enforceable against State qualified payment stablecoin issuers. (8) State qualified payment stablecoin issuer § 1522.3 Severability. The provisions of this part are separate and severable from one another. If any provision, clause or phrase of this part, or the application thereof to any person, entity or circumstance, is stayed or determined to be invalid, unlawful, or unenforceable by a court of competent jurisdiction, such determination shall not affect the validity, lawfulness, or enforceability of the remaining provisions or applications of this part, which shall remain in full force and effect to the maximum extent permitted by law. § 1522.4 Reservation of authority. The Committee may, to the extent consistent with the GENIUS Act, waive any of the procedures in this part in exceptional circumstances. §§ 1522.5-1522.9 [Reserved] Subpart B—State Certifications § 1522.10 Certification forms and procedures. (a) Certifications requiring approval of Stablecoin Certification Review Committee. www.Treasury.gov. (b) Initial certification. (1) An attestation in the form of appendix A to this part signed by an authorized representative of the State payment stablecoin regulator attesting that the State-level regulatory regime of its State meets the criteria for substantial similarity set forth in the principles for substantial similarity established by the Department of the Treasury pursuant to section 4(c) of the Act; (2) A detailed narrative describing how the State-level regulatory regime meets each of the criteria for substantial similarity set forth in the principles for substantial similarity established by the Department of the Treasury pursuant to section 4(c) of the Act; (3) Any supporting information and documentation, including, but not limited to, citations to relevant statutes, regulations, and guidance applicable to payment stablecoin issuers, and where necessary, copies of such statutes, regulations, and guidance. For each guidance document that is submitted, the corresponding section of the narrative under paragraph (b)(2) of this section must include a discussion of whether the guidance is binding on State qualified payment stablecoin issuers; and (4) Such information as the Committee may deem necessary for it to render a decision on whether the State-level regulatory regime satisfies the criteria for approval in section 4(c) of the GENIUS Act (12 U.S.C. 5903(c)). (c) Annual recertification. (2) A recertification must contain— (i) An attestation in the form of appendix B to this part signed by an authorized representative of the State payment stablecoin regulator that confirms the accuracy of the initial certification; (ii) A detailed narrative describing each change to the State-level regulatory regime since the prior certification that could potentially be considered to be a material change, excluding changes that are purely nonsubstantive in form or procedure; whether, in the opinion of the State payment stablecoin regulator, such change is a material change; and whether, in the opinion of the State payment stablecoin regulator, the change will not promote the safe and sound operation of State qualified payment stablecoin issuers under its supervision; (iii) A detailed narrative describing: (A) Each change in circumstances that could potentially be considered to be a significant change in circumstances; (B) Whether, in the opinion of the State payment stablecoin regulator, such change is a significant change in circumstances; and (C) Whether, in the opinion of the State payment stablecoin regulator, the change will not promote the safe and sound operation of State qualified payment stablecoin issuers under its supervision; (iv) Any supporting information and documentation, including, but not limited to, citations to relevant statutes, regulations, and guidance applicable to payment stablecoin issuers, and where necessary, copies of such statutes, regulations, and guidance. For each guidance document that is submitted, the corresponding section of the narrative under paragraph (c)(2)(ii) or (iii) of this section, as applicable, must include a discussion of whether the guidance is binding on State qualified payment stablecoin issuers; and (v) Such information as the Committee may deem necessary for it to render a decision on whether the State-level regulatory regime satisfies the criteria for approval in section 4(c) of the GENIUS Act (12 U.S.C. 5903(c)). (3) Failure of a State payment stablecoin regulator to submit an annual recertification under this section in a timely manner shall be deemed to constitute a suspension of the certification approval. (d) Submission of initial certifications and recertifications Submission. (i) An initial certification has not been submitted until all materials required under paragraph (b) of this section have been submitted. (ii) A recertification has not been submitted until all materials required under paragraph (c)(2) of this section have been submitted. (2) Rule of construction. (3) Additional information. (4) Notification of submission. (e) Committee determinations Timing of decision. (2) Determinations on initial certifications. (3) Determinations on recertifications. (i) There has been a material change in the State-level regulatory regime or a significant change in circumstances since the prior certification; and (ii) The material change or significant change in circumstances identified is such that the State-level regulatory regime will not promote the safe and sound operation of State qualified payment stablecoin issuers under its supervision. (4) Expedited review. (f) Opportunity to cure and appeal. (2) With respect to a denial described in paragraph (f)(1) of this section, the Committee shall provide the State payment stablecoin regulator with not less than 180 days from the date on which the State payment stablecoin regulator is notified of such denial to— (i) Make such changes as may be necessary to ensure the State-level regulatory regime meets or exceeds the standards described in section 4(a) of the GENIUS Act; and (ii) Resubmit the initial certification or recertification. (3) If a denial described under paragraph (f)(1) of this section is based on a change resulting from an Act of Congress or a change in a relevant Federal regulation, interpretation, or order in accordance with the principles for substantial similarity established by the Department of the Treasury pursuant to section 4(c) of the Act, the period provided under paragraph (f)(2) of this section shall be the later of: (i) 180 days from the date on which the State payment stablecoin regulator is notified of such denial; or (ii) 2 years from either the date of enactment of the Act of Congress or from the date of publication of such Federal regulation, interpretation, or order. (4) If, after a State payment stablecoin regulator resubmits an initial certification or annual recertification under paragraph (f)(2)(ii) of this section, the Committee again denies the initial certification or annual recertification, the Committee shall, not later than 30 days after such denial, provide the State payment stablecoin regulator with a written explanation for the denial. (5) A State payment stablecoin regulator in receipt of a denial under paragraph (f)(4) of this section may appeal the denial to the United States Court of Appeals for the District of Columbia Circuit. (6) A State payment stablecoin regulator in receipt of a denial under this paragraph (f) may resubmit a new certification under this part. §§ 1522.11-1522.19 [Reserved] Appendix A to Part 1522—Attestation for an Initial Certification Under Section 4(c) of the GENIUS Act Attestation for an Initial Certification Under Section 4(c) of the GENIUS Act State: _____ Name of State payment stablecoin regulator: _____ Date of attestation: _____ [States may include a brief introduction here] Reference table of requirements, narrative, and supporting information: GENIUS Act section Topic Corresponding Corresponding 4(a)(1)(A), except as noted below Reserve assets [Section X] [Exhibit A]. 4(a)(1)(A)(vii) Additional reserve assets 4(a)(1)(B), except as noted below Redemption 4(a)(1)(B)(i) Discretionary limitations on timely redemptions 4(a)(1)(C) Monthly publication of reserves 4(a)(2), except as noted below Prohibition on rehypothecation of reserves 4(a)(2)(C)(ii) Approval for rehypothecation of reserves 4(a)(3)(A), (C) Independent accountant examination of reports 4(a)(3)(B) Monthly CEO/CFO certification of accuracy of reserve report 4(a)(4) Capital, liquidity, reserve asset diversification, and risk-management standards 4(a)(5) Bank Secrecy Act/sanctions compliance program requirements 4(a)(6)(B) Technological capability to comply with, and obligation to comply with, terms of lawful orders 4(a)(7)(A) Limitation on permitted payment stablecoin activities 4(a)(7)(B) Additional permitted payment stablecoin activities 4(a)(8) Prohibition on tying 4(a)(9) Prohibition on deceptive names 4(a)(10) Audits and reports 4(a)(11) Prohibition on paying interest/yield on stablecoins 4(a)(12) Limits on non-financial public companies (and certain foreign companies) issuing stablecoins 4(d) Transition to Federal oversight 5 Application and approval 6 Supervision and enforcement 10 Custody 11 Insolvency Primary contacts: Certification: The undersigned hereby certifies and attests that: 1. The information contained in and attached to this attestation form is true and correct to the best of the undersigned's knowledge; 2. The State-level regulatory regime for the State named above meets each of the principles for substantial similarity established by the Department of the Treasury pursuant to section 4(c) of the Act (as codified at 12 CFR part 1521), including that it: a. _____ meets or exceeds the standards and requirements under section 4(a) of the Act in accordance with Treasury's principles; b. _____ provides for transition to Federal oversight in accordance with Treasury's principles; c. _____ provides for application and licensing in accordance with Treasury's principles; d. _____ provides for supervision and enforcement in accordance with Treasury's principles; e. _____ provides for custody in accordance with Treasury's principles; f. _____ provides for the event of insolvency in accordance with Treasury's principles; and g. _____ provides additional State requirements only to the extent permitted by Treasury's principles; and 3. The undersigned has the authority to submit this attestation and make the representations herein on behalf of the State payment stablecoin regulator named above. _____ The above certifications and attestations are conditional on additional actions that are described in the attached narrative, and the State payment stablecoin regulator intends to amend this attestation once those actions are completed. The undersigned acknowledges on behalf of the State payment stablecoin regulator that the Committee will not process this conditional attestation unless and until an amended attestation has been submitted in accordance with 12 CFR 1522.10. _____ The undersigned believes that the State listed above qualifies for expedited processing under 12 CFR 1522.10(e) and has included an associated statement in the attached narrative and attached any supporting documentation, as appropriate. [ Signature, Name, Title Attached: [ Narrative [ Exhibits Appendix B to Part 1522—Attestation for an Annual Recertification Under Section 4(c) of the GENIUS Act Attestation for an Annual Recertification Under Section 4(c) of the GENIUS Act State: _____ Name of State payment stablecoin regulator: _____ Date of attestation: _____ [States may include a brief introduction here] Reference table of changes: [List each change to the State-level regulatory regime or any known significant changes in circumstances in its own row and attach relevant documentation and additional narrative descriptions] GENIUS Act section Brief description of change Corresponding Corresponding [4(a)(1)(A)] [State regulation relating to reserve assets was revised] [Section X] [Exhibit A]. Primary contacts: Certification: 1. The information contained in and attached to this attestation form is true and correct to the best of the undersigned's knowledge; 2. [The State payment stablecoin regulator] believes that the State-level regulatory regime for [State]: a. ____ has not materially changed and there have been no known significant changes in circumstances; or b. ____ has materially changed or there have been significant changes in circumstances. 3. [State payment stablecoin regulator] confirms the continuing accuracy of the initial certification submitted on ____; and 4. The undersigned has the authority to submit this attestation and make representations on behalf of [State payment stablecoin regulator]. [ Signature, Name, Title Attached: [ Narrative [ Exhibits

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