- The U.S. Treasury opened a 60-day public comment period on proposed rules for the GENIUS Act, aiming to create a federal stablecoin regulatory framework before the law takes effect in January 2027.
- The rulemaking defines what it means to issue, offer, or sell a payment stablecoin in the U.S. and sets licensing requirements for domestic and foreign issuers.
- Treasury Secretary Scott Bessent stated the proposal seeks to give businesses regulatory certainty and cement the U.S. as the “crypto capital of the world.”
The U.S. Department of the Treasury on Monday opened a 60-day public comment period on proposed rules to implement the GENIUS Act, laying the groundwork for a federal stablecoin framework ahead of the law’s January 2027 effective date. The Notice of Proposed Rulemaking (NPRM) would define what it means to “issue a payment stablecoin in the United States” and to “offer or sell” a stablecoin to a person in the U.S., clarifying when issuers need a GENIUS license.
Treasury Secretary Scott Bessent said on X that the rulemaking aims to provide businesses “the regulatory certainty” needed “to innovate and grow in America, cement the role of the U.S. dollar as the world’s reserve currency, and keep America the crypto capital of the world.” Public comments on the NPRM are due within 60 days of Federal Register publication. The GENIUS Act will go into effect on January 18, 2027, after which stablecoins can no longer be issued in the U.S. without a federal or state license; a second deadline of July 18, 2028, will prevent digital asset service providers from offering or selling any payment stablecoin unless issued by a licensed issuer.
The rulemaking comes as activity in U.S.-linked stablecoins picks up, with the GENIUS Act potentially removing regulatory uncertainty for major firms like Circle and Tether. On Monday, Ripple minted 10 million Ripple USD (RLUSD) tokens on the XRP Ledger, pushing the circulating supply to about 1.71 billion. RLUSD uses BNY Mellon as a custody provider for its USD reserve. The White House is scheduled to host executives from Coinbase Global, Ripple, Polymarket, and Gemini on Wednesday, while a separate bill, the CLARITY Act, remains pending in the Senate.
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