According to The Block, BlackRock submitted a 17-page comment letter to the Office of the Comptroller of the Currency on Friday, the final day of the agency’s 60-day comment window on GENIUS Act implementation rules. BlackRock urged the OCC to drop a proposed 20% quantitative cap on tokenized reserve assets, arguing that risk profiles are driven by credit quality, duration, and liquidity rather than whether assets are held on a distributed ledger. The firm’s BUIDL fund, which holds nearly $2.6 billion in assets, provides over 90% of reserves backing Ethena’s USDtb and Jupiter’s JupUSD stablecoins. BlackRock also pressed the OCC to explicitly confirm that Treasury ETFs qualify as eligible reserves and recommended adding U.S. Treasury floating-rate notes with up to two years maturity to the eligible asset list.
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