Treasury Seeks Public Comment on GENIUS Act Licensing Rules
The U.S. Treasury Department is seeking public comment on its proposed framework for implementing the GENIUS Act, a landmark piece of crypto legislation signed into law by President Trump in July 2025.
The department's notice of proposed rulemaking (NPRM) outlines its plan to decide when a payment stablecoin issuer needs to obtain a GENIUS license and how payment stablecoins can be offered and sold in U.S. markets, according to the Treasury Department's press release on Monday, August 17.
The rules outlined in the NPRM are related to section 3 of the GENIUS Act and include requirements that a person may not issue a payment stablecoin in the United States unless they have obtained an appropriate federal or state license, and digital asset service providers may not make available foreign-issued payment stablecoins unless the issuer can and will comply with U.S. laws.
Treasury Secretary Scott Bessent said that President Trump and Congress delivered the GENIUS Act to establish a framework for payment stablecoins and clear rules of the road, and Treasury is moving quickly to implement that framework, welcoming input from stakeholders as it works to provide regulatory certainty for businesses.