# Andreessen Horowitz Urges New York to Rework Stablecoin Rules

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/36204
Published: 2026-10-21T01:22:29.000Z
Updated: 2026-10-21T01:22:29.000Z
Section: Regulation

> The firm wants New York to wait for final federal standards before replacing its proposed rule for payment stablecoin issuers.

Andreessen Horowitz (a16z) has urged New York regulators to withdraw and rewrite proposed payment stablecoin rules, warning that differences from unfinished federal standards could risk denial of the state’s certification.

The firm made the request in a Sept. 21 comment letter to the New York State Department of Financial Services (NYDFS). New York published its proposed Part 202 rule July 22, while Treasury and the Office of the Comptroller of the Currency (OCC) were still developing rules under the GENIUS Act.

The law permits state-qualified payment stablecoin issuers with no more than $10 billion in consolidated outstanding issuance to choose state supervision. That option also requires the Stablecoin Certification Review Committee to approve the state’s framework under a federal test of whether its rules are substantially similar.

A16z warned that differences between New York’s final rule and the eventual federal requirements could lead the committee to deny New York’s certification. Its letter counted 383 comments across two federal proceedings at the time: 55 on Treasury’s proposal and 328 on the OCC’s.

New York’s draft already addresses some of the questions still under federal consideration.

Issuers with at least $25 billion in outstanding payment stablecoins would have to maintain at least 0.5% of reserves as insured deposits or insured shares at an insured depository institution each business day, subject to a $500 million cap.

A16z argues that later federal changes could leave New York-regulated issuers facing conflicting requirements.

A16z has asked NYDFS to issue a revised rule after the federal standards are final.