The US Department of the Treasury has published a notice of proposed rulemaking to implement the GENIUS Act, a legislative framework designed to regulate payment stablecoins. The move follows the Act’s passage in July 2025 and sets a 60-day public comment period ahead of its scheduled implementation in January 2027. The proposed rules require entities issuing payment stablecoins in the US to obtain either a federal or state licence.
The Treasury’s announcement comes amid uncertainty over the Act’s enforcement, as other federal agencies—including the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Federal Reserve Board—missed a July deadline to finalise complementary regulations. This delay raises questions about whether the GENIUS Act will take effect without clear regulatory guidance, potentially complicating compliance for industry participants.
Collaboration between US agencies and the UK-US Financial Regulatory Working Group, which met in July, suggests ongoing international coordination on stablecoin regulation. However, some industry insiders reportedly suggest the UK may be lagging behind the US in developing similar frameworks, though no official statements on this have been made.
The Treasury has emphasised the importance of stakeholder input in shaping the rules. Treasury Secretary Scott Bessent said the department “welcomes input from stakeholders as [it works] to provide the regulatory certainty businesses need to innovate and grow in America.” The final rules will be subject to public feedback before being formalised.
Written by Steven Cook
Regulation Desk
