BlackRock has urged the OCC to scrap its proposed 20% cap on tokenized reserve assets in draft GENIUS Act rules, calling the limit "extraneous" to regulatory goals. The firm's 17-page letter argues reserve risk is a function of credit quality, duration, and liquidity, not whether an asset sits on a blockchain. At stake: BlackRock's $2.6B BUIDL fund, which backs 90%+ of Ethena's USDtb and Jupiter's JupUSD, and could face hard growth limits under a federal stablecoin framework if the cap survives. BlackRock is also pushing the OCC to formally recognise Treasury ETFs as eligible reserve assets and adopt a principles-based framework over rigid quantitative limits.

BlackRock has urged the OCC to scrap its proposed 20% cap on tokenized reserve assets in draft GENIUS Act rules, calling the limit "extraneous" to regulatory goals.

The firm's 17-page letter argues reserve risk is a function of credit quality, duration, and liquidity, not whether an asset sits on a blockchain.

At stake: BlackRock's $2.6B BUIDL fund, which backs 90%+ of Ethena's USDtb and Jupiter's JupUSD, and could face hard growth limits under a federal stablecoin framework if the cap survives.

BlackRock is also pushing the OCC to formally recognise Treasury ETFs as eligible reserve assets and adopt a principles-based framework over rigid quantitative limits.

— Cryptopolitan (@CPOfficialtx) May 4, 2026