TLDR Tech / Crypto
BlackRock Urges OCC to Drop Tokenized Reserve Cap, Expand Eligible Assets in GENIUS Act Comment Letter
BlackRock filed a 17-page comment letter on the final day of the OCC's 60-day window opposing a proposed 20% cap on tokenized reserve assets for stablecoin issuers under the GENIUS Act. This constraint would directly limit products like BUIDL, which backs more than 90% of Ethena's USDtb and Jupiter's JupUSD. BlackRock also asked the OCC to confirm that Treasury ETFs qualify as reserves and to add two-year Treasury floating-rate notes to the eligible asset list, arguing the real risks of reserve assets are about liquidity, duration, and creditworthiness, not whether they're tokenized.
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