BlackRock calls on OCC to remove cap on tokenized reserve assets

Odaily Planet Daily News BlackRock has submitted a comment letter to the U.S. Office of the Comptroller of the Currency, opposing the restrictions on reserve assets proposed by the OCC in implementing the draft rules of the "GENIUS Act." In the letter, the institution specifically targeted the rules for "permissible pay stablecoin issuers," urging that no quantitative cap be imposed on tokenized reserve assets.

BlackRock stated that the relevant restrictions are unrelated to regulatory objectives, and the risk of reserve assets should depend on their credit quality, duration, and liquidity, not on whether they are held or transferred via a distributed ledger. This comment letter was issued in response to multiple rule issues raised by the OCC, including reserve composition, capital requirements, and custody matters. (The Block)