Treasury Seeks Comment on Proposed Rule for Payment Stablecoins
The US Department of the Treasury has issued a Notice of Proposed Rulemaking (NPRM) to implement the GENIUS Act, which aims to establish clear rules for payment stablecoins in the US. The proposed framework would define what it means to 'issue a payment stablecoin in the United States' and provide clarity on when an issuer needs to obtain a license.
Treasury Secretary Scott Bessent said that the GENIUS Act is a landmark framework that will provide regulatory certainty for businesses, cement the role of the US dollar as the world's reserve currency, and keep America the crypto capital of the world. The proposed rule would come into effect on January 18, 2027.
The NPRM invites public comment from stakeholders, which can be submitted within 60 days of publication in the Federal Register. Comments responding to this notice will be publicly viewable at www.regulations.gov.