Treasury Proposes Rules for Payment Stablecoin Issuers Under GENIUS Act

The U.S. Treasury has proposed rules to implement the GENIUS Act for payment stablecoins, bringing clarity to the crypto industry.

The proposal aims to define when a payment stablecoin is considered 'issued in the United States' and when an issuer must obtain a federal or state license under the new law.

The Treasury has set a 60-day period for public comment on the proposal, which will determine the final rules for the U.S. stablecoin market.

According to the GENIUS Act, payment stablecoins issued abroad will be subject to restrictions, including complying with lawful U.S. orders and meeting applicable requirements under arrangements with their home jurisdiction.