U.S. Treasury Issues Proposal on Stablecoin Rules Under the GENIUS Act
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The U.S. Treasury on Monday published proposed rules under the GENIUS Act, seeking public comment on the federal definition and scope of U.S. stablecoin issuance — more than a month past the act's own implementation deadline.
What is the Treasury actually proposing?
The Treasury released a proposed rulemaking under the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), aimed at defining what counts as a "U.S. stablecoin issuance" at the federal level.
Secretary Scott Bessent said the goal is to give businesses regulatory certainty, reinforce the dollar's reserve-currency status, and maintain America's position as a crypto hub.
This means → stablecoins are moving from regulatory grey zone to a formal federal framework — the boundary-drawing has officially begun.
Why can't existing rules simply apply?
The proposal notes that while the Treasury drew on securities law and other existing frameworks, it concluded that applying traditional investment rules to payment stablecoins would likely conflict with the act's intent.
In plain terms = payment stablecoins are designed as payment and cross-border settlement tools, not investment products — regulating them like stocks misses the point.
This reflects an effort to find a middle path: neither hands-off nor heavy-handed.
How to regulate foreign issuers? That is the hardest question.
The proposal poses dozens of interpretive questions, but how to treat foreign issuers draws the most industry attention.
The focal point is Tether — the world's largest stablecoin issuer, domiciled offshore. Whether and how it falls under U.S. rules is a key variable in the final framework.
The public and issuers have 60 days to submit comments, with a mid-October deadline. The Treasury will then need months to review before issuing a final rule.
The timeline is already behind — what comes next?
The GENIUS Act required rules to be implemented within one year. That deadline passed last month, and the rules are still not in place.
The next key date is the act's effective date, expected around January 18 next year — but at the current pace, full implementation by then looks unlikely.
Meanwhile, Congress is advancing the Clarity Act (Digital Asset Market Clarity Act), which would amend parts of the GENIUS Act. But that bill failed to clear a procedural vote earlier this month and is now stalled, with the Senate in August recess.
This means → the two legislative tracks overlap, and the final shape of the stablecoin regulatory framework remains unresolved.
Content is for reference only, not financial advice.