tags. We need to translate each paragraph.
First paragraph: "The U.S. Treasury on April 1 issued a proposed rule that would let state regulators oversee stablecoin issuers with up to $10 billion in outstanding tokens, provided their state's rules closely match the federal baseline. The notice, published in the Federal Register on April 3 as 91 FR 16844, opens a 60-day comment window that closes June 2."
Translate: "Det amerikanske Treasury udsendte den 1. april et forslag til en regel, der ville give delstatsmyndigheder tilsyn med stablecoin-udstedere med op til 10 mia. dollars i udestående tokens, forudsat at deres delstatsregler er tæt på det føderale grundlag. Bekendtgørelsen, offentliggjort i Federal Register den 3. april som 91 FR 16844, åbner en 60-dages kommentarperiode, der slutter den 2. juni."
Note: "state regulators" - could be "delstatsregulatorer" or "statslige regulatorer" but since it's state-level, use "delstatsmyndigheder" or "delstatsregulatorer". I'll use "delstatsregulatorer" but "myndigheder" is fine. I'll use "delstatsmyndigheder" for regulators? Actually "regulators" is "tilsynsmyndigheder" or "regulerende myndigheder". I'll say "delstatsmyndigheder" to be clear. Also "outstanding tokens" - "udestående tokens" is fine. "closely match" - "tæt matcher" or "næsten svarer til" - I'll use "i høj grad svarer til" or "tæt på". I'll say "tæt svarer til".
Also "federal baseline" - "føderal baseline" or "føderalt grundlag". I'll use "føderale grundlag".
Second paragraph: "The cap applies to corporate groups as well as standalone issuers, meaning a parent company and its subsidiaries can't split issuance to dodge the limit. Treasury's proposal doesn't name which firms would qualify or fail the test, and it doesn't pre-clear any state's framework. That's left for later."
Translation: "Loftet gælder for koncerner såvel som selvstændige udstedere, hvilket betyder at et moderselskab og dets datterselskaber ikke kan opdele udstedelsen for at omgå grænsen. Treasury's forslag nævner ikke, hvilke virksomheder der ville kvalificere sig eller fejle testen, og det forhåndsgodkender ikke nogen delstatsramme. Det overlades til senere."
Note: "corporate groups" -> "koncerner" (corporate groups) or "virksomhedskoncerner". "standalone issuers" -> "selvstændige udstedere". "split issuance" -> "opdele udstedelsen". "dodge the limit" -> "omgå grænsen" or "undgå loftet". I'll use "omgå loftet". "pre-clear" -> "forhåndsgodkende". "framework" -> "ramme".
Third paragraph: "Issuers under the cap can choose state regulation only if their state's rules are deemed 'substantially similar' to the federal baseline. Without that finding, the state pathway is unavailable even for smaller players. The similarity determination is a gate, not a formality."
Translation: "Udstedere under loftet kan kun vælge delstatsregulering, hvis deres stat's regler anses for 'væsentligt ens' med det føderale grundlag. Uden en sådan vurdering er delstatsvejen ikke tilgængelig, selv for mindre aktører. Lighedsvurderingen er en port, ikke en formalitet."
Note: "substantially similar" is a legal term, often translated as "væsentligt ens" or "i det væsentlige lignende". I'll use "væsentligt ens".
Fourth paragraph: "Treasury is proposing a principles-based evaluation rather than a uniform state rulebook. That means each state's regime will be judged on how closely it aligns with federal standards, but the criteria aren't spelled out as a checklist. The agency is asking for public input on how to make that call consistently."
Translation: "Treasury foreslår en principbaseret vurdering frem for en ensartet delstatsregelbog. Det betyder, at hver delstat's regime vil blive vurderet ud fra, hvor tæt det ligger op ad føderale standarder, men kriterierne er ikke fastsat som en tjekliste. Agenturet beder om offentlig input til, hvordan man kan træffe den vurdering konsistent."
Note: "principles-based" -> "principbaseret" is fine. "uniform state rulebook" -> "ensartet delstatsregelbog" or "samlet regelbog for delstater". I'll use "ensartet delstatsregelbog". "aligns with" -> "ligger op ad" or "stemmer overens med". I'll use "stemmer overens med".
Fifth paragraph: "The proposal also doesn't say which states might already meet the bar. That's a deliberate gap, according to the text, which invites commenters to weigh in on how the comparison should work in practice."
Translation: "Forslaget siger heller ikke, hvilke delstater der allerede måtte opfylde kravet. Det er et bevidst hul, ifølge teksten, som opfordrer kommentatorer til at deltage i hvordan sammenligningen skal fungere i praksis."
Note: "meet the bar" -> "opfylde kravet" or "klare standarden". "weigh in" -> "komme med input" or "deltage". I'll say "komme med input".
Sixth paragraph: "The comment period and what's next" - that's a heading. We need to translate headings. The original has
