TechFlow News, May 3: On Friday, BlackRock submitted a comment letter to the Office of the Comptroller of the Currency (OCC), opposing several proposed reserve-asset restrictions in the agency’s draft rulemaking to implement the GENIUS Act. BlackRock’s submission focuses primarily on rules concerning permitted payment stablecoin issuers (PPSIs)—entities granted federal charter authority to issue stablecoins under legislation signed by President Trump in July last year. The most pointed recommendation is that BlackRock urges the OCC not to impose a quantitative cap on tokenized reserve assets—a proposal the agency had floated at up to 20%. BlackRock contends such a restriction is “irrelevant” to the OCC’s objectives and argues that risk profiles depend on credit quality, duration, and liquidity—not on whether an asset is held or transferred on a distributed ledger.
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