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According to The Block, a bipartisan group of lawmakers led by U.S. Senator Cynthia Lummis has written to the Treasury Department, requesting the maintenance of states' authority to regulate stablecoins under the GENIUS Act. The act allows stablecoin issuers with a market capitalization of no more than $10 billion to be regulated by states, provided that state-level rules are "substantially similar" to federal rules. The Treasury Department released proposed rules in April, suggesting broad principles for determining whether state systems are "substantially similar," but did not clarify the timeline and standards for state regulation. The senators stated in their letter that the lack of clarity "creates uncertainty for the states," and therefore requested the Treasury Department to issue guidance that clarifies the application, review, and certification processes for state systems. The New York State Department of Financial Services proposed formal rules last week to align its stablecoin framework with the GENIUS Act.

A bipartisan group of senators led by Cynthia Lummis has written to U.S. Treasury Secretary Scott Bessent, requesting that the Treasury maintain states' regulatory authority over certain stablecoin issuers when formulating implementation rules for the GENIUS stablecoin bill. The GENIUS Act was signed into law last year, establishing a federal regulatory framework for stablecoins in the United States, requiring that stablecoins be fully backed by U.S. dollars or similar high-liquidity assets, and mandating that issuers with a market capitalization exceeding $50 billion undergo annual audits, while also setting rules for offshore issuance.The bill allows stablecoin issuers with a market capitalization of no more than $10 billion to be regulated at the state level, as long as the relevant state regulatory systems are "substantially similar" to federal requirements. The senators believe that the rules previously proposed by the Treasury do not clearly outline the timeline and standards for state regulatory system applications, reviews, and certifications, creating uncertainty for the states. The letter points out that there are significant differences in legislative cycles across states, with some states even adopting a biennial legislative cycle, thus requiring a flexible and continuously open certification mechanism to ensure that states can apply for certification when demand arises, rather than being constrained by timing mismatches that limit innovation and competition.

According to The Block, State Street Bank has launched the State Street Stablecoin Reserves Money Market Fund (SSCXX), providing reserve asset management tools for stablecoin issuers. This fund is a Rule 2a-7 government money market fund, primarily investing in cash, short-term U.S. Treasury securities, repurchase agreements, and other cash equivalents, aiming to achieve principal preservation, daily liquidity, and a stable $1 share net asset value.The report states that the product has received initial investment support from State Street Bank and Anchorage Digital and has been explicitly designed to comply with the regulatory requirements of the GENIUS Act. This move continues State Street Bank's strategy in the field of digital assets and tokenized cash management, having previously launched the on-chain liquidity product SWEEP for stablecoin scenarios and launched the digital asset platform DAP.

On June 9, the New York State Department of Financial Services (DFS) announced a proposed regulation aimed at adjusting its dollar stablecoin issuance framework in accordance with the federal GENIUS Act. The new rules retain the original requirements of the DFS for dollar stablecoins, including reserves and redeemability, qualified reserve assets, independent audits, etc., and add new federal provisions, including: setting a maximum limit on reserve assets held by a single custodian; requiring entities to establish a risk management plan covering internal controls and information security; establishing an internal audit system; managing asset growth and income; regulating transactions with insiders and related parties; and regulating service provider arrangements.The proposed rules enter a 10-day pre-proposal comment period starting today, followed by a 60-day comment period after publication in the state register. The final rules will take effect simultaneously with the GENIUS Act, and existing licensed issuers in New York will enjoy a one-year transition period. Until then, the DFS's stablecoin regulatory guidance remains in effect.

According to GlobeNewswire, Bitcoin treasury company Genius Group announced the official launch of its AI treasury, having completed the first batch of investments in the AGI Infinity Portfolio, purchasing 10,000 shares of Destiny Tech 100 and 800 shares of Fundrise Innovation Fund, marking the first funds allocated towards its goal of a $100 million AI treasury in phases.According to disclosed data, this allocation allows Genius Group to indirectly gain exposure to several leading private AI companies, including Anthropic (approximately 16% of the portfolio), SpaceX (11%), OpenAI (7.4%), Databricks (7.4%), Shield AI (2%), and Anduril Industries (0.7%).Genius Group stated that it will continue to expand the scale of the AI treasury through a monthly investment plan in the future.

According to the official blog, Paradigm has submitted a comment letter to the U.S. Department of the Treasury regarding the rulemaking for state-level regulatory pathways under the GENIUS Act. Paradigm supports the core framework of the proposal but points out that without addressing four issues, the state-level pathway will not effectively serve issuers.First, the proposal anchors the federal framework to the yet-to-be-finalized OCC regulations, requiring states and issuers to plan based on an undecided benchmark, which directly hinders market access. The Treasury should not finalize this rule before the OCC's implementation rules are finalized.Second, the proposal requires unanimous agreement from the heads of the Treasury, the Federal Reserve, and the FDIC to certify the state-level system, but does not set a decision timeline, veto explanation standards, or mechanisms to prevent a single member from indefinitely blocking certification. Paradigm suggests establishing a 180-day decision deadline, creating a corrective process for supplementary submissions, and requiring specific veto explanations.Third, the proposal mandates that the state-level system maintain a reserve fund for 12 months of operating expenses, which may crowd out early issuers. It is suggested that states be allowed to adjust reserve fund requirements based on the size and risk profile of the issuer. Fourth, the proposal fails to adequately preempt hostile actions from individual states, and this loophole must be addressed.

According to Globenewswire, Bitcoin treasury company Genius Group announced the official launch of its AI treasury, having completed the initial investments in the AGI Infinity Portfolio, purchasing 10,000 shares of Destiny Tech 100 and 800 shares of Fundrise Innovation Fund, marking the first funding towards its plan to phase in a target of $100 million for the AI treasury.

Binance launched the Genius Terminal (GENIUS) HODLer airdrop event on May 29 at 16:00. Users who purchase principal-protected earning products or on-chain earning products using BNB between May 11, 2026, 08:00 and May 14, 07:59 will automatically receive airdrop allocations. The airdrop is expected to be distributed to users' spot accounts within 5 hours after the announcement is made.

According to Globenewswire, the publicly listed Bitcoin treasury company Genius Group announced that its board has approved the expansion of the company's treasury strategy, adding an AI treasury to the existing Bitcoin treasury and launching the AGI Infinity Portfolio. The initial target investment scale is set at $100 million, with a five-year goal to expand to $800 million. The first phase, approximately $20 million, will be allocated through related funds to equity in unlisted AI companies such as OpenAI, SpaceX, Anthropic, Figure AI, Databricks, Anduril, Replit, and Shield AI. The remaining $80 million is planned to be invested in industries such as electricity, computing power, hyperscale cloud, cutting-edge models, and robotics.

According to the official announcement, the cryptocurrency trading platform SuperEx has officially launched Genius Terminal (GENIUS) in the innovation zone and has opened the GENIUS/USDT spot trading pair. Currently, related deposit, withdrawal, and trading services have been fully activated.In addition, GENIUS assets have been synchronized to be included in the support range for all-currency contract margin. It is reported that Genius Terminal aims to create the first private and ultimate on-chain terminal.

Binance will launch the principal-protected earning products for Genius Terminal (GENIUS) and OpenGradient (OPG) on May 22, 2026, at 20:00, and will open for subscription. In addition, users can trade and exchange through one-click coin purchase, flash exchange trading platform, and VIP borrowing, with specific trading pairs including GENIUS/USDT, GENIUS/USDC, OPG/USDT, OPG/USDC.

Binance's Genius Terminal (GENIUS) and OpenGradient (OPG), originally scheduled to launch on May 22, 2026, at 19:00, will be postponed to the same day at 20:00.

Binance will launch spot trading for Genius Terminal (GENIUS) and OpenGradient (OPG) on May 22, 2026, at 19:00. The trading pairs include GENIUS/USDT, GENIUS/USDC, GENIUS/TRY, OPG/USDT, OPG/USDC, and OPG/TRY. Users can trade after the launch, and seed tags will apply to both tokens.

According to The Block, Bitwise Chief Investment Officer Matt Hougan pointed out that Circle's Arc, Canton Network, and Stripe's Tempo have recently completed over one billion dollars in financing collectively, with all three financings occurring after the signing of the GENIUS Act in July 2025. Hougan believes that this act has broken the regulatory deadlock that previously suppressed institutional capital entry.Hougan summarized three major signals: first, all three chains have made native privacy transactions a core design to meet institutions' needs for transaction confidentiality; second, the implementation of the GENIUS Act has significantly reduced regulatory uncertainty, with the next key variable being the ongoing Clarity Act, which is expected to benefit stablecoins and tokenized infrastructure; third, the backing of top institutions such as Goldman Sachs, Citadel, BlackRock, Stripe, and Visa behind these three chains stands in stark contrast to the grassroots paths of Ethereum and Solana.Hougan stated that his funds are still primarily betting on native crypto projects and believes that emerging enterprise chains will raise overall competitive standards and attract more capital inflow.

Genius Group, a Bitcoin treasury company listed on NASDAQ, disclosed that it has made a strategic investment of $5 million in the digital bank Jewel Bank, acquiring a 9.9% stake in the company. It is reported that Jewel Bank is developing a dollar-pegged stablecoin, JUSD, which is planned to be backed by a 1:1 cash and U.S. Treasury reserve, aiming to launch in the second half of 2026. Additionally, it will introduce a real-time settlement system and white-label banking and stablecoin infrastructure services for enterprises. Following this investment, Genius Group will also enter the regulated digital banking and stablecoin issuance sector.

Galaxy Research Research Director Alex Thorn published a post disclosing that Galaxy Research released a latest report rebutting the banking industry's assertion that the GENIUS Act will impact U.S. bank deposits, and provided quantitative estimates.The core findings of the report are as follows: Under the framework of the GENIUS Act, 60% to 70% of the incremental stablecoins will come from overseas, with the inflow of overseas deposits being about twice the amount of domestic deposit migration, indicating a net increase overall rather than a transfer of existing stock; each newly minted GENIUS stablecoin can generate approximately 32 cents of net credit for the U.S. economy; by 2030, under the baseline scenario, the total scale of credit expansion is about $400 billion, and in an optimistic scenario, it could reach $1.2 trillion.In addition, the short-end yield on U.S. Treasuries (T-bills) will be compressed by 3 to 5 basis points, potentially saving taxpayers up to $3 billion in borrowing costs each year. The report also points out that the interest pass-through mechanism does not pose a survival threat to the U.S. banking industry; it is merely a redistribution of profit margins and will not reduce overall credit capacity.

Anchorage Digital Bank has submitted a comment letter regarding the proposed rules of the GENIUS Act from the Office of the Comptroller of the Currency. The company has currently issued three stablecoins for several partners, including USAT in collaboration with Tether, USDGO in collaboration with OSL Group, and USDtb in collaboration with Ethena.Anchorage Digital stated that it plans to jointly issue a fourth stablecoin, UDSPT, with Western Union in the near future and expects to officially become an authorized payment stablecoin issuer after the GENIUS Act takes effect.

According to the official announcement, Bitget has launched the U-based GENIUS perpetual contract, with a leverage range of 1-20 times. The contract trading BOT will also be opened simultaneously.