On July 22, NYDFS issued a proposed rule in the State Register advancing the payment stablecoin regulation it had previewed on June 9 (previously covered by InfoBytes here) and moving the proposal from its earlier pre-proposal comment window into the formal rulemaking process. Unchanged from the pre-proposal stage, this proposal would add 23 NYCRR Part 202, governing the issuance of payment stablecoins, and would take effect upon the effective date of the GENIUS Act. Existing authorized issuers approved before that effective date would not need to seek additional approval to continue issuing their previously approved stablecoins, but would be required to come into compliance with the new Part 202 within 12 months of the rule’s effective date, apart from the certification requirement under the rule. Comments on the proposal are due by September 21.