The U.S. Department of the Treasury has published a Notice of Proposed Rulemaking (NPRM) to clarify issues still unclear in the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, including the scope of the regulation, the extraterritorial character of its provisions, and other relevant elements before its implementation date.
Key Takeaways
The Treasury proposed GENIUS Act rules requiring payment stablecoins to hold US licenses to operate.The 87-question consultation seeks public input to gauge the rules’ economic impact and compliance.Secretary Bessent says swift rules offer regulatory certainty, cementing America as the crypto capital.Treasury Secretary Scott Bessent stressed the need to build this ruleset swiftly. “President Trump and Congress delivered the GENIUS Act, establishing a landmark framework and clear rules of the road for payment stablecoins, and Treasury is moving quickly to implement that framework,” he declared.
Members of the public and industry stakeholders will be able to submit comments in response to the NPRM within 60 days of its publication in the Federal Register.
“Treasury welcomes input from stakeholders as we work to provide the regulatory certainty businesses need 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,” Bessent concluded.
