Treasury Proposes Stablecoin Rule Ahead of January Deadline

The U.S. Department of the Treasury has proposed federal definitions for issuing U.S. stablecoins and who needs to follow the rules set out in the GENIUS Act, as the law's deadlines are fast approaching.

Treasury Secretary Scott Bessent said that the administration is trying to move quickly to put the rules in place 'as we work to provide the regulatory certainty businesses need to innovate and grow in America, cement the role of the U.S. dollar as the world’s reserve currency, and keep America the crypto capital of the world.'

The proposal notes that it tried to treat stablecoins as a new arena, though it studied established securities laws as a reference point.