BlackRock Opposes 20% Cap on Tokenized Reserve Assets in GENIUS Act Comment Letter

According to The Block, BlackRock submitted a comment letter to the Office of the Comptroller of the Currency on Friday opposing the proposed 20% quantitative cap on tokenized reserve assets under the GENIUS Act implementation rules. BlackRock argued the limit is "extraneous" to the OCC's objectives, stating risk profiles are driven by credit quality, duration, and liquidity rather than whether assets are held on a distributed ledger. The firm's BUIDL fund, which holds nearly $2.6 billion in assets, backs over 90% of reserves for Ethena's USDtb stablecoin and Jupiter's JupUSD, making it directly affected by such constraints.
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