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The U.S. Treasury Department has released a draft regulation containing key rules for enforcing the $GENIUS Act, which regulates the stablecoin market. The proposed framework aims to clarify the conditions under which companies wishing to issue stablecoins in the U.S. will be required to obtain federal or state licenses, and the terms under which stablecoins issued abroad can be offered to U.S. users.
The Notice of Proposed Rulemaking (NPRM) published by the Treasury Department outlines the details of implementing Section 3 of the $GENIUS Act and will collect public comments on the regulation for 60 days.
According to the draft regulation, as of January 18, 2027, the expected effective date of the $GENIUS Act, individuals or entities without a suitable federal or state license will generally be unable to issue stablecoins for payment purposes in the United States.
The Treasury Department aims to more clearly define the scope of “issuing payment stablecoins in the U.S.” in the regulation. This is intended to reduce uncertainty in the industry regarding when stablecoin companies are required to obtain licenses under the $GENIUS Act.
The regulation also sets conditions for stablecoins issued by companies outside the US. Accordingly, digital asset service providers may offer stablecoins on the US market provided the foreign stablecoin issuer is technically capable of executing lawful orders from US authorities and complies with reciprocal regulations between the US and the issuer’s country.
The second important date under the $GENIUS Act will be July 18, 2028.
From this date, digital asset service providers will generally be permitted to offer or sell only payment stablecoins issued by licensed issuers to users in the U.S.
The regulation proposed by the Treasury also aims to clarify the responsibilities of cryptocurrency exchanges, custodians, and other digital asset service providers by defining the concept of “offering or selling” a stablecoin to a person in the United States.
U.S. Treasury Secretary Scott Bessent stated that the $GENIUS Act creates a comprehensive legal framework for payment stablecoins, and that the Treasury wants to implement regulations quickly. Bessent said that regulatory clarity aims to encourage companies to innovate in the U.S., as well as strengthen the dollar’s position as a global reserve currency.
The new draft regulation is a continuation of the preliminary regulatory work that the Treasury Department published last September regarding the implementation of the $GENIUS Act, and for which it requested feedback from industry representatives. The Department expects stablecoin companies, financial institutions, and other stakeholders to submit their views on the new proposal within a 60-day consultation period.
*This is not investment advice.