BlackRock Calls on OCC to Remove Tokenized Reserve Asset Cap Limits

Odaily Odaily News BlackRock has submitted a comment letter to the Office of the Comptroller of the Currency (OCC), opposing the restrictions on reserve assets proposed in its implementation of the draft rules under the "GENIUS Act." In the letter, the firm specifically focused on the rules for "Permissible Payments Stablecoin Issuers," calling for the removal of any quantitative limits on tokenized reserve assets.

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