U.S. Treasury Seeks Public Comment on GENIUS Act Stablecoin Regulation

The U.S. Treasury Department has issued a Notice of Proposed Rulemaking (NPRM) to implement Section 3 of the GENIUS Act, which deals with stablecoin issuance in the country. This move comes as the CLARITY Act stalls in the Senate.

The NPRM opens a 60-day window for public comment on how to clarify the provision on stablecoin issuance in the U.S. The Treasury Department aims to provide regulatory certainty for businesses and maintain the dollar's status as the world's reserve currency, according to Secretary Scott Bessent.

Section 3 of the GENIUS Act provides that from July 18, 2028, crypto firms may not offer or sell any payment stablecoins to U.S. users unless the payment stablecoin is issued by a licensed issuer. To comply with this regulation, some stablecoin issuers have moved to secure a national trust charter.