Key facts
- The U.S. Treasury Department proposed rules defining when stablecoins can be issued, offered, or sold in the United States under the GENIUS Act.
- Issuers will generally need a federal or state license to issue payment stablecoins in the U.S. starting January 18, 2027.
- Crypto platforms will generally be prohibited from selling stablecoins to U.S. customers unless issued by an approved entity from July 18, 2028.
- The proposal implements Section 3 of the GENIUS Act, signed into law in July 2025.
- Public comments on the proposed rules are due by October 19, 2026.
The U.S. Treasury Department has proposed rules defining when stablecoins can be issued, offered, or sold in the United States under the GENIUS Act. This proposal, which implements Section 3 of the act signed into law in July 2025, aims to provide regulatory certainty for businesses. Beginning January 18, 2027, issuers will generally need a federal or state license to issue payment stablecoins in the U.S. Subsequently, starting July 18, 2028, crypto platforms will face broader restrictions on selling stablecoins to U.S. customers unless they originate from an approved issuer. Treasury Secretary Scott Bessent stated that the regulations would provide businesses with certainty, help cement the role of the U.S. dollar, and keep America as the crypto capital. Public comments on the proposal are due by October 19, 2026, with a 60-day window for feedback. Other agencies like the OCC, FDIC, and Federal Reserve Board have also proposed rules for the GENIUS Act's implementation, though reports suggest regulatory bodies missed a deadline to finalize guidance.