PANews reported on May 3rd that, according to The Block, BlackRock submitted a comment letter to the Office of the Comptroller of the Currency (OCC) opposing several reserve asset restrictions proposed in the agency's draft implementation rules for the GENIUS Act. BlackRock opposes setting a 20% cap on tokenized reserve assets, arguing that this limit would restrict the growth of its BUIDL fund and other products. The BUIDL fund supports over 90% of the holdings of Ethena's USDtb and Jupiter's JupUSD. BlackRock also requested the OCC to confirm whether Treasury ETFs qualify as reserves and to include two-year floating-rate Treasury bonds in the eligible asset list.
