Wu Blockchain has learned that crypto venture capital firm Paradigm submitted a comment letter to the U.S. Treasury, proposing amendments to the state-level stablecoin regulatory framework's 'substantive similarity' determination rules under the GENIUS Act. Paradigm supports the overall framework proposed by the Treasury but believes certain provisions could impact the practical viability of state-level issuance pathways, including: the rulemaking process should not be finalized before the OCC's related implementation guidelines are determined; a 180-day approval timeline, correction procedures, and specific rejection explanation requirements should be established for state regulatory framework certifications; states should be allowed to set operational expense coverage requirements based on issuer size and risk profile, rather than a uniform requirement to cover 12 months of operating costs; and clear limitations should be set to prevent individual states from imposing additional constraints on state-level stablecoin issuers, such as expanding profit restrictions or hindering interstate operations. https://(wublock123.com)/news/paradigm-submits-comments-to-us-treasury-on-genius-act-stablecoin-rule-62093