GENIUS Act Regulatory Comment Archive

All 51 Recommendations by Topic

Compliance Testing & Validation

Require pre-licensure compliance testing as a condition of PPSI license approval Letter 1
Publish standardized compliance validation frameworks for PPSI readiness assessment Letter 1
Require pre-issuance compliance testing for OCC-supervised applicants Letter 8
Establish standardized validation criteria for self-assessment before license application Letter 8

Consumer Protection

Require three mandatory disclosures (no-insurance, not-legal-tender, redemption rights) before wallet activation Letter 2
Specify acceptable delivery methods (web, mobile, email, API) with audit trail requirements Letter 2
Require affirmative, individual acknowledgment of each mandatory disclosure Letter 2
Gate wallet activation on disclosure completion as a programmatic technical control Letter 2
Establish disclosure versioning standards using SHA-256 cryptographic hashing Letter 2
Define examination procedures for disclosure compliance with per-member status reports Letter 2
Adopt consumer disclosure standards for OCC-supervised PPSIs Letter 8

Examination Standards

Establish two examiner roles (NCUA Examiner unrestricted; CPA Firm scoped to authorized issuers) Letter 3
Require PPSI examination portals to support cryptographic proof verification Letter 3
Adopt W3C Verifiable Credential v2 with Ed25519Signature2020 for signed examination findings Letter 3
Establish a standardized submission package format (NCUA-PPSI-EXAM-v1) Letter 3
Require tiered examination frequency: monthly, quarterly, and annual Letter 3
Clarify BSA retention requirements for examination artifacts (5-year minimum) Letter 3
Adopt consistent examiner tooling standards for OCC-supervised PPSIs Letter 8

Reserve Assurance

Recognize cryptographic reserve sufficiency proofs (Groth16 zk-SNARKs) Letter 4
Require temporal accumulator chain linking of monthly attestations Letter 4
Establish a 35-day reserve freshness requirement for stablecoin minting Letter 4
Define reserve data lifecycle standards with atomic attestation generation Letter 4
Recognize on-chain proof verification as a valid assurance mechanism Letter 4
Adopt reserve attestation technical standards for OCC-supervised PPSIs Letter 8

AML & BSA

Require real-time AML threshold enforcement (CTR $10K, MSB $3K, structuring detection) Letter 5
Require automated FinCEN filing with deadline tracking and BSA XML v2.0 generation Letter 5
Establish Travel Rule compliance tiers for inter-CU stablecoin transfers Letter 5
Require AML risk tier classification (low/medium/high) for stablecoin wallets Letter 5
Clarify BSA retention requirements for AML artifacts (5-year minimum with legal hold) Letter 5
Adopt AML/FinCEN automation standards for OCC-supervised PPSIs Letter 8

Institutional Cooperation

Recognize CUSOs as authorized PPSI compliance aggregators Letter 6
Establish CUSO governance requirements (registration, onboarding, license tracking) Letter 6
Require aggregate readiness reporting with per-member and per-module detail Letter 6
Define delegation security standards (authorization, audit trail, scope limitation) Letter 6
Recognize shared service organizations as compliance aggregators for OCC-supervised institutions Letter 8

Wallet Management

Require a formally defined wallet credential state machine (UNBOUND, ACTIVE, REVOKED, EXPIRED) Letter 7
Require cryptographic wallet binding using Pedersen commitments Letter 7
Specify compliance-gated activation preconditions (disclosures, OFAC, AML tier, issuer status) Letter 7
Define lawful order cascading standards for freeze, seizure, and unfreeze operations Letter 7
Establish credential expiration and renewal standards with mandatory re-verification Letter 7
Adopt wallet state machine standards for OCC-supervised PPSIs Letter 8

Cross-Regulator Coordination

Establish federation and interoperability standards for credit union PPSIs Letter 1
Recognize privacy-preserving compliance verification (zero-knowledge proofs) Letter 1
Recognize privacy-preserving compliance verification (zero-knowledge proofs) for OCC-supervised PPSIs Letter 8
Promote cross-regulator consistency in technical standards (OCC/NCUA/FDIC/state) Letter 8
Include trust registry interoperability in state-level "substantially similar" determination Letter 9
Require credential portability across regulatory jurisdictions (W3C VCs) Letter 9
Ensure Travel Rule messaging compatibility across state and federal regimes Letter 9
Require reserve attestation proof format compatibility across jurisdictions Letter 9
Require examination submission package compatibility across jurisdictions Letter 9
Establish periodic interoperability review for cross-regime compatibility Letter 9