U.S. Department of the Treasury Seeks Comments on GENIUS Act Stablecoin Implementation Rules

TechFlow reports, on August 17, the U.S. Department of the Treasury released a Notice of Proposed Rulemaking for the implementing rules of the "GENIUS Act," and sought public comment on the U.S. payment stablecoin regulatory framework. The draft focuses on clarifying the applicable standards for "issuing payment stablecoins in the United States" and "offering or selling payment stablecoins to persons within the United States," to help issuers and digital asset service providers determine licensing and compliance obligations.

Under the bill, starting from January 18, 2027, issuing payment stablecoins in the United States generally requires obtaining a federal or state license; starting from July 18, 2028, digital asset service providers generally may not offer or sell payment stablecoins issued by unlicensed issuers to persons within the United States. The public comment period will last for 60 days after publication in the "Federal Register."