Crypto Spaces Hosts Break Down Treasury 4(c) Principles After June Deadline

Space hosts lead with the closed file

David Chaboki (Shibo) opened the daily room by noting that comments on Treasury’s proposed GENIUS Act section 4(c) principles closed June 2, 2026. The NPRM carries RIN 1505-AC90 and appeared in the Federal Register on April 3 under 91 FR 16844. The filing proposes how state regimes can be judged substantially similar to the federal framework for issuers capped at $10 billion in outstanding stablecoins.

Christian Barker (Barkmeta / Bark) followed by clarifying the document is not a final rule. The Stablecoin Certification Review Committee would still need unanimous sign-off before any state regime qualifies, with Treasury, the Federal Reserve, and the FDIC all at the table.

What listeners should check next

The pair placed the June 2 AC90 close ahead of the October 19 Section 3 NPRM so the room would treat the state-similarity file as its own track. Listeners were told to pull the three public sources: the HTML version at govinfo.gov, the PDF at the same site, and the Treasury principles PDF hosted at home.treasury.gov. That step separates this proposal from the issuance and sale rules still open for comment.

The discussion moved to what the closed window means for readers holding major assets. With BTC at $79,775 and SOL at $102.01 on the latest CoinGecko snapshot, the room noted that regulatory clarity on reserves and AML standards remains uniform even if capital calibration stays state-level. Hosts urged followers to track the Stablecoin Certification Review Committee announcements rather than waiting for a single final rule.

Reader action items after the room

First, download the April 3 NPRM and mark the sections on BSA, sanctions, and anti-tying that stay under federal baseline. Second, watch for any Treasury statements that confirm the comment file is now closed and no further submissions will be accepted. Third, keep the October 19 Section 3 deadline on a separate calendar so the two tracks do not blur.

Hosts closed by reminding the room that the proposal keeps reserves and AML rules consistent while allowing states to handle capital within the $10 billion cap. The next scheduled space will revisit the topic once Treasury posts any summary of received comments. Readers who want the raw documents can start with the three links shared in the room.