Treasury Unveils Proposed Stablecoin Licensing Rules Under GENIUS Act

Treasury Secretary Scott Bessent has announced that the Treasury is moving quickly to implement the GENIUS Act, which sets out new licensing requirements for stablecoins in the US. The Notice of Proposed Rulemaking defines what it means to issue a payment stablecoin and clarifies when an issuer needs a license.

The proposal requires that anyone issuing or selling stablecoins in the US must hold a federal or state license by January 18, 2027. Starting July 18, 2028, digital asset service providers will not be able to offer or sell any payment stablecoin to U.S. persons unless the issuer holds a valid license.

Bessent posted on X that Donald Trump and Congress delivered the GENIUS Act as a landmark framework for payment stablecoins. The Treasury is welcoming input from stakeholders as they work to 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.