XBRL US responded to the Notice of Proposed Rulemaking published by the Department of the Treasury on GENIUS Act Notice of Proposed Rulemaking Concerning State-Level Regulatory Regimes.
The aim of the Treasury proposal is to establish guidelines to determine whether a state-level regulatory regime is substantially similar to the federal regulatory framework. The XBRL US letter noted the importance of enhancing this rule and future rules by requiring the application and ongoing disclosures by digital asset issuers to be prepared in structured, digital format using widely used, technology-neutral open data standards. Recommendations also included ensuring that disclosure requirements are harmonized across all GENIUS Act agencies and FDTA agencies to ensure interoperability of data and to reduce reporting burden.
Read the letter: XBRL US Letter RE Treasury GENIUS Act State Similarity
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