U.S. Stablecoin Law Lurches Forward Without Complete Operating Manual
The U.S. Treasury has published its draft rules for regulating stablecoins five months before the implementation deadline of January 18, 2027. The proposed rule defines who must obtain a federal license to issue stablecoins in the United States and opens a 60-day public consultation with a response deadline set for mid-October 2026.
The GENIUS Act aims to regulate payment stablecoins in the U.S., but no definitive rules have been finalized yet. The Treasury has deliberately avoided applying classical securities law, recognizing that stablecoins serve as a means of payment rather than an investment instrument.
Treasury Secretary Scott Bessent emphasized the need for regulatory certainty, stating that 'these new rules must provide businesses with the regulatory certainty needed to innovate, consolidate the dollar's role as a global reserve, and make the United States the global capital of cryptocurrency.'