According to The Block, BlackRock submitted a 17-page comment letter to the Office of the Comptroller of the Currency on Friday (May 2), urging the agency to reject a proposed 20% quantitative cap on tokenized reserve assets in the GENIUS Act implementation rules. BlackRock argued that such limits are “extraneous” to the OCC’s objectives and that risk profiles depend on credit quality and liquidity, not whether assets are held on a distributed ledger.
BlackRock’s BUIDL fund, a tokenized Treasury product with $2.6 billion in assets, provides over 90% of reserves backing Ethena’s USDtb stablecoin and Jupiter’s JupUSD. A 20% cap would significantly constrain BUIDL’s growth as a reserve asset under the federal framework. BlackRock also pushed the OCC to explicitly confirm that Treasury ETFs qualify as eligible reserves and recommended adding U.S. Treasury floating-rate notes to the approved asset list.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Cloud Peak Finance Completes Strategic Investment in WooshPay for Cross-Border Payments
According to ChainCatcher, Cloud Peak Finance has completed a strategic investment in WooshPay, a cross-border payment service provider regulated by the UK Financial Conduct Authority and Hong Kong Customs. The investment amount was not disclosed. Cloud Peak Finance stated the investment aims to
GateNews1h ago
Riot Platforms Shares Jump 8% on Expanded AMD Data Center Deal
Riot Platforms' shares rose 8% today following the expansion of its data center partnership with AMD and improved financing terms. The deal strengthens the bitcoin miner's pivot toward artificial intelligence
GateNews2h ago
Bakkt Completes DTR Acquisition Amid Revenue Growth and Strategic Overhaul
Bakkt has completed its acquisition of Distributed Technologies Research, a move designed to integrate artificial intelligence (AI)-native stablecoin infrastructure into its core financial services.
Modernizing Global Settlement
Bakkt Inc. has finalized its acquisition of Distributed Technologies
Coinpedia3h ago
BlackRock Opposes 20% Cap on Tokenized Reserves in GENIUS Act Comment Letter Submitted Friday
According to The Block, BlackRock submitted a 17-page comment letter to the Office of the Comptroller of the Currency on Friday, the final day of the agency's 60-day comment window on GENIUS Act implementation rules. BlackRock urged the OCC to drop a proposed 20% quantitative cap on tokenized
GateNews6h ago
Riot Platforms Shares Jump 8% After Expanding AMD Data Center Deal
Riot Platforms shares rose 8% following an expansion of its data center partnership with AMD, according to market data. The expanded deal and improved financing terms signal the bitcoin miner's strategic shift toward AI and data center services, moving beyond its traditional cryptocurrency mining
GateNews9h ago
Ripple Opens MEA HQ in DIFC as Regional Demand Grows
Ripple launches MEA HQ in DIFC, strengthening presence as demand for regulated blockchain payment and custody services grows.
DFSA approvals, including RLUSD recognition, enable compliant cross-border payments and expand Ripple’s regulated operations.
New office supports hiring and
CryptoFrontNews11h ago
