US Treasury seeks feedback on new GENIUS Act stablecoin rules
The U.S. Treasury has proposed new rules defining when payment stablecoins are issued, offered, or sold in the United States as regulators prepare for key GENIUS Act restrictions beginning in January 2027. The U.S. Treasury Department said on Aug. 17 that its Notice of Proposed Rulemaking focuses on Section 3 of the Guiding and Establishing National Innovation for U.S. Stablecoins Act, opening another public comment process as the government works through the laws remaining implementation requirements. Under the proposal, Treasury would set the boundaries for what qualifies as issuing a payment stablecoin “in the United States,” a distinction that determines when an issuer must obtain a federal or state license under the GENIUS Act. The department is also seeking to define when a digital asset company is considered to have offered or sold a payment stablecoin to a person in the United States. Treasury said the definitions are intended to give companies more certainty over when U.S. licensing and distribution restrictions apply. Treasury Secretary Scott Bessent said the department was moving to implement the framework established by President Donald Trump and Congress while seeking feedback from companies and other stakeholders. Bessent said the rules were intended to provide businesses with “regulatory certainty” while supporting U.S.