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The U.S. Treasury will allow states to submit conditional certificates to meet the initial application deadline even if state-level stablecoin rules are not yet fully in place, CryptoSlate reported. That means states that still need additional legislation or regulatory changes can still begin the certification process, although actual review will start only after complete application materials are submitted.
A conditional filing does not count as the start of the 30-day review and decision period. The rule took effect on Sept. 30, according to CryptoSlate, but applications will not be accepted until the information-collection approval process under the Paperwork Reduction Act is completed.