Treasury Moves Quickly on GENIUS Act Stablecoin Rules

Treasury Secretary Scott Bessent has announced that the US government is moving quickly to implement the GENIUS Act, a landmark framework for payment stablecoins. The GENIUS Act requires issuers of payment stablecoins in the US to obtain a federal or state license by January 18, 2027.

The Treasury Department's Notice of Proposed Rulemaking sets out two core frameworks: defining what it means to issue a payment stablecoin and clarifying when an issuer needs a GENIUS Act license. The proposal also defines what it means to offer or sell a stablecoin to someone in the US, setting out requirements for foreign issuers.

Bessent stated that Donald Trump and Congress delivered the GENIUS Act as a framework for payment stablecoins, and the Treasury is working to provide regulatory certainty for businesses. The public has 60 days from Federal Register publication to submit comments on the proposal.