BlackRock submitted a letter of opinion to the Office of the Comptroller of the Currency, opposing the 20% cap on tokenized reserves

According to The Block, BlackRock submitted a letter of opinion to the Office of the Comptroller of the Currency (OCC), opposing several reserve asset restrictions proposed in the draft implementation rules of the GENIUS Act.

BlackRock opposes setting the cap on tokenized reserve assets at 20%, as this limitation would restrict the development of its products such as the BUIDL fund. The BUIDL fund supports over 90% of the shares of USDtb under Ethena and JupUSD under Jupiter. BlackRock also requested that the OCC confirm whether Treasury bond ETFs qualify as reserves and include two-year floating rate Treasury bonds in the list of eligible assets.