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The Treasury Department proposed rules for determining when a state-level regulatory regime is "substantially similar" to the federal regulatory framework under the Guiding and Establishing National Innovation for U.S. Stablecoins ("GENIUS") Act.

SIFMA warned that altering the SEC's current "Non-Objecting Beneficial Owner" and "Objecting Beneficial Owner" framework could undermine investor privacy, cybersecurity, and the efficiency of the U.S. proxy system.