The U.S. Department of the Treasury issued a proposed rulemaking for implementing the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The regulatory framework establishes licensing requirements and compliance standards for stablecoin issuers and digital asset service providers.
Starting January 18, 2027, anyone issuing a payment stablecoin in the United States must obtain a federal or state license. Digital asset service providers also cannot offer foreign-issued stablecoins unless the foreign issuer can demonstrate the technological capability to comply with U.S. lawful orders and any reciprocal arrangements established with the issuer's home jurisdiction. Beginning July 18, 2028, stablecoins offered to U.S. persons must be issued by a licensed issuer.
The Treasury's proposed rule defines what it means to "issue a payment stablecoin in the United States" and to "offer or sell" stablecoins to U.S. persons. According to the announcement, these definitions aim to clarify when industry participants must obtain licenses. The proposed rulemaking builds on a preliminary notice the Treasury issued in September seeking feedback on implementing the GENIUS Act.
Public comments on the proposed rule are due within 60 days of publication in the Federal Register and will be publicly viewable at regulations.gov.