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New York wants big tech out of stablecoin business
Key takeaways
- The GENIUS Act became the first United States federal law regulating stablecoin payments when it was signed in July 2025.
- Now, the New York State Department of Financial Services proposed new regulations on June 9 that would align the state's stablecoin regime with the federal framework.
- Among them is a rule that draws a line between stablecoins and big tech firms.
New York wants big tech out of stablecoin business New York wants big tech out of stablecoin business · The Street Pooja Rajkumari Thu, June 11, 2026 at 12:14 AM GMT+7 3 min read New York wants to add a GENIUS Act restriction on big tech stablecoin issuers into its own rulebook.
The GENIUS Act became the first United States federal law regulating stablecoin payments when it was signed in July 2025. It sets reserve, disclosure, and licensing rules for who can issue dollar-backed digital tokens.
Now, the New York State Department of Financial Services proposed new regulations on June 9 that would align the state's stablecoin regime with the federal framework.
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