The U.S. Treasury Department has allowed states to submit conditional certifications to meet initial application deadlines, even if their stablecoin regulations are not yet fully established, CryptoSlate reported. This means that states can proceed with the initial certification process even if further legislation or regulatory adjustments are required. However, the actual review process will only begin after all required documents are submitted. A conditional application is not considered to have initiated the 30-day review and decision period. The rule became effective on September 30 (local time), but applications will not actually be accepted until the information collection approval process under the Paperwork Reduction Act (PRA) is finalized.
