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Regulation · Instrument · New York · Proposed rule · New York State Department of Financial Services

NYDFS proposed 23 NYCRR Part 202: Authorized Payment Stablecoin IssuersUpdated 18 Oct 2026

A proposed New York rule that restates the state's payment stablecoin regime and aligns it with the GENIUS Act so New York can qualify as a substantially similar state regime. It draws its definitions from the OCC's and Treasury's March and April 2026 proposals, would take effect on the GENIUS Act's effective date, and gives issuers already approved by NYDFS 12 months to comply.

Consultation closed · part of New York virtual currency regime (BitLicense, 23 NYCRR Part 200, and limited purpose trust charters)

Timeline

  1. Jul 2026 · Proposed
    Proposed rule text published.[1]
  2. 22 Jul 2026 · Consultation
    Proposal published in the New York State Register.[2]
  3. 21 Sep 2026 · Consultation closed
    Comment period closes.[2]

Deployments operating under it

None recorded with a source yet.

Sources

  1. [1]Proposed new 23 NYCRR 202, Authorized Payment Stablecoin Issuers — New York State Department of Financial Services, Jul 2026. Accessed 12 Oct 2026.A
  2. [2]NYDFS files formal proposal to align stablecoin oversight with GENIUS Act — Orrick (InfoBytes), 24 Jul 2026. Accessed 18 Oct 2026.B