[U.S. Treasury Officially Launches Implementation of the 'GENIUS Act,' Issuers with a Circulation Cap of $10 Billion Can Opt for State-Level Regulation] BlockBeats News, April 2 – The U.S. Treasury has officially launched the implementation of the Stablecoin Innovation 'GENIUS Act,' issuing a notice of proposed rulemaking. This marks the first regulatory implementation under the Act, spanning 87 pages, with a 60-day public comment period. Under the 'GENIUS Act,' payment stablecoin issuers with a total circulation not exceeding $10 billion can opt to be regulated under state-level regulatory frameworks, provided that the state's regulatory framework is 'substantially similar' to the federal regulatory framework. Through this notice, the U.S. Treasury aims to establish broad principles for determining 'substantial similarity.'