The U.S. Department of the Treasury has issued a Notice of Proposed Rulemaking (NPRM) laying out how it intends to implement section 3 of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, and is now asking the public to weigh in.
Bessent frames the rollout
Treasury Secretary Scott Bessent said the department is moving quickly to put the new framework into practice:
“President Trump and Congress delivered the GENIUS Act, establishing a landmark framework and clear rules of the road for payment stablecoins, and Treasury is moving quickly to implement that framework.”
He added that the goal is to give businesses regulatory certainty, reinforce the dollar’s role as the world’s reserve currency, and “keep America the crypto capital of the world.”
Key dates in the Act
Starting January 18, 2027, the expected effective date of the GENIUS Act, no person may generally issue a payment stablecoin in the United States without an appropriate federal or state license.
Digital asset service providers also may not offer or sell foreign-issued payment stablecoins unless the foreign issuer has the technological capability to comply with lawful orders and any reciprocal arrangement between the U.S. and the issuer’s home jurisdiction.
From July 18, 2028, providers generally may not offer or sell any payment stablecoin to persons in the United States unless it comes from a licensed issuer.
What the proposal defines
The NPRM sets out what it means to “issue a payment stablecoin in the United States,” clarifying when a license is required.
It also defines what counts as offering or selling a stablecoin to a person “in the United States.”
The proposal builds on an Advance Notice of Proposed Rulemaking Treasury issued last September.
Comments are due within 60 days of publication in the Federal Register and will be publicly viewable at regulations.gov.
