meta_id 3410034

On August 17, 2026, the U.S. Department of the Treasury issued a Notice of Proposed Rulemaking (NPRM) seeking public comment on Treasury's implementation of section 3 of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The NPRM sets forth Treasury's proposed framework for regulating the issuance, offering, and sale of payment stablecoins in the United States. The GENIUS Act establishes licensing requirements for payment stablecoin issuers and restrictions on the offering and sale of foreign-issued payment stablecoins. Beginning January 18, 2027, the expected effective date of the act, persons generally may not issue a payment stablecoin in the United States unless they have obtained an appropriate federal or state license. Additionally, digital asset service providers generally may not offer, sell, or otherwise make available foreign-issued payment stablecoins unless the foreign issuer has the technological capability to comply with lawful orders and reciprocal arrangements between the United States and the issuer's home jurisdiction. Beginning July 18, 2028, digital asset service providers generally may not offer or sell any payment stablecoins to persons in the United States unless the payment stablecoins are issued by a licensed issuer. Treasury Secretary Scott Bessent said the department is "moving quickly to implement that framework" and welcomes input from stakeholders to provide regulatory certainty for businesses. The proposed rule defines what it means to "issue a payment stablecoin in the United States" and to "offer or sell" a payment stablecoin to persons in the United States, providing clarity to industry on licensing and market access requirements. The NPRM builds upon an Advance Notice of Proposed Rulemaking Treasury issued in September 2025. Members of the public should submit comments within 60 days of publication in the Federal Register. Comments will be publicly viewable at www.regulations.gov.