Treasury Seeks Industry Feedback on GENIUS Rules Amid Rushed Implementation
The U.S. Department of the Treasury has issued a Notice of Proposed Rulemaking (NPRM) to clarify issues surrounding the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which was signed into law on July 18, 2025.
The NPRM seeks public input on key GENIUS Act provisions, including requirements for payment stablecoins to hold US licenses to operate and restrictions on foreign stablecoin issuers offering their products to U.S. customers without complying with lawful orders from U.S. regulators.
Treasury Secretary Scott Bessent emphasized the need for swift rule implementation, stating that 'President Trump and Congress delivered the GENIUS Act, establishing a landmark framework and clear rules of the road for payment stablecoins.'