Digital Asset Regulation
Position Summary
In July 2025, Congress enacted the GENIUS Act to establish a national framework for the regulation of payment stablecoins and their issuers. The act allows three types of permitted payment stablecoin issuers (PPSIs): a subsidiary of an insured depository institution, a federally qualified payment stablecoin issuer (supervised by the OCC), and a state qualified payment stablecoin issuer (supervised by the licensing state). A robust state pathway for payment stablecoin issuers is critical to maintain dynamic supervision of payment stablecoin issuers, better protect consumers who purchase stablecoins, and support innovation in this developing market.

Digital Asset Regulation News

Press Room

Tokenized Deposit Guidance and Robust Stablecoin Rules Must Be Issued in Tandem

Washington, D.C. – In separate letters to the U.S. Treasury Department and the federal banking agencies, CSBS outlined important policy considerations to foster a national regulatory framework for stablecoins and tokenized deposits that protects consumers, promotes financial stability, and provides a level playing field for traditional financial institutions and new
November 4, 2025
Press Room

Broad Coalition to Congress: Strike Uninsured Depository Flaw in Genius Act

Washington, D.C. – A broad coalition of state, consumer, and bank groups have joined the Conference of State Bank Supervisors (CSBS) in asking Congress to strike a provision in the recently passed stablecoin legislation that risks harming consumers, creates an unlevel playing field for certain uninsured banks, and significantly erodes
August 13, 2025
Press Room

Stablecoin Framework Must be Sustainable

Washington, D.C. – Conference of State Bank Supervisors (CSBS) President and CEO Brandon Milhorn Statement on House Passage of the GENIUS Act: “A national regulatory framework for stablecoins is a vital precondition for a broader, innovative digital asset ecosystem in the United States. The GENIUS Act is a historic, bipartisan
July 17, 2025
Press Room

CSBS Statement on Passage of Senate Stablecoin Act

Washington, D.C.- CSBS President and CEO Brandon Milhorn Statement on Senate Passage of the GENIUS Act: “A national framework for stablecoins will only be successful if it protects consumers and financial stability. CSBS appreciates the efforts of the Senate to improve the GENIUS Act, moving the bill closer to these
June 17, 2025
Press Room

Keynote Remarks 2025 Fintech Conference

Keynote Remarks 2025 Fintech Conference: Bank-Fintech Partnerships|Distributed Ledger Technology|Regulation and Fintech Innovation Conference of State Bank Supervisors President and CEO Brandon Milhorn Federal Reserve Bank of San Francisco April 4, 2025 Thank you for that kind introduction. I would like to thank President Mary Daly and the San Francisco Fed
April 4, 2025
Press Room

CSBS Expresses Serious Concerns with Stablecoin Bills

State regulators call for changes to support innovation, stability, and predictability Washington, D.C. – The Conference of State Bank Supervisors (CSBS) today raised serious concerns about stablecoin legislation in a letter to House Financial Services Committee leadership. CSBS previously expressed similar concerns about the Senate stablecoin bill. “Without the adoption
April 1, 2025
Press Room

CSBS Statement on Congressional Stablecoin Progress

Conference of State Bank Supervisors President and CEO Brandon Milhorn Statement on Congressional Progress on Stablecoin Legislation: “State regulators thank Senators Cynthia Lummis and Kirsten Gillibrand for their acknowledgment of the critical role that state bank regulators play in the licensing, regulation, and supervision of money transmission and other nonbank
April 17, 2024

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