US Treasury seeks feedback on new GENIUS Act stablecoin rules

The U.S. Treasury has proposed new rules defining when payment stablecoins are issued, offered, or sold in the United States as regulators prepare for key GENIUS Act restrictions beginning in January 2027. Summary Treasury has proposed rules defining when payment stablecoins are issued, offered or sold in the United States. Stablecoin issuers will generally need a federal or state license when the GENIUS Act takes effect in January 2027. Foreign issued stablecoins will face separate requirements before digital asset service providers can make them available to U.S. users. The proposal is open for public comment for 60 days after publication in the Federal Register. The U.S. Treasury Department said on Aug. 17 that its Notice of Proposed Rulemaking focuses on Section 3 of the Guiding and Establishing National Innovation for U.S. Stablecoins Act, opening another public comment process as the government works through the law’s remaining implementation requirements. Under the proposal, Treasury would set the boundaries for what qualifies as issuing a payment stablecoin “in the United States,” a distinction that determines when an issuer must obtain a federal or state license under the ...