The US Department of the Treasury has issued proposed rules for implementing the GENIUS Act, seeking comment on a new regulatory framework for payment stablecoins in the US.
The Notice of Proposed Rulemaking (NPRM) sets out how the Treasury intends to determine when a stablecoin issuer must obtain a federal or state licence, as well as when foreign-issued payment stablecoins can be offered or sold in the US.
The GENIUS Act is expected to take effect on 18 January 2027. From that date, issuers will generally need an appropriate licence to issue payment stablecoins in the US. Further restrictions on the sale or offering of payment stablecoins are expected to apply from July 2028.
Treasury Secretary Scott Bessent said the rules would provide businesses with greater regulatory certainty while supporting innovation and strengthening the role of the US dollar in digital assets.
The proposed framework builds on Treasury’s advance notice of proposed rulemaking issued last September and aims to provide greater clarity for issuers and digital asset service providers operating in the US market.
The Treasury is inviting comments from industry participants and other stakeholders, with submissions due within 60 days of the NPRM’s publication in the Federal Register.
