US Crypto Regulation Shifts, India's Caution on Stablecoins

The US is transitioning from enforcing crypto rules to establishing formal market regulations, while India remains cautious. The GENIUS Act, enacted in July 2025, created a comprehensive federal framework for stablecoin payments. From January 18, 2027, issuers will generally need an appropriate federal or state license to issue payment stablecoins.

The US is developing customer-identification, anti-money-laundering and sanctions-compliance requirements for permitted issuers. A consortium of banks, including Goldman Sachs, Bank of America, Citi and Deutsche Bank, plans to launch a dollar stablecoin in 2027.

Bitcoin is treated differently as regulators have generally considered it a commodity rather than a security. The CLARITY Act debate aims to clarify jurisdiction over other digital assets and establish clearer boundaries between securities and commodities regulation.