- Treasury proposed stablecoin rules under Section 3 of the GENIUS Act.
- Issuers would generally need a federal or state license from January 18 2027.
- Broader platform sales limits would generally begin on July 18 2028.
Treasury has proposed stablecoin rules that would define which stablecoins can be issued or sold in the United States under the GENIUS Act. The draft sets out licensing expectations for issuers, conditions for the sale of foreign-issued stablecoins, and later restrictions that would affect crypto exchanges and other digital asset platforms serving U.S. customers. Treasury Secretary Scott Bessent said the department is moving quickly to carry out the law’s framework and invited public input. The proposal arrives as several federal agencies continue writing related rules after President Donald Trump signed the GENIUS Act in July 2025 to create a federal framework for stablecoins in the U.S.
Treasury proposed stablecoin rules under the GENIUS Act
The proposal implements Section 3 of the GENIUS Act, which Treasury said was signed into law last summer. Under the draft, stablecoin issuers would generally need either a federal or state license beginning January 18, 2027. Treasury framed the measure as a way to define when a stablecoin can legally be issued or sold in the United States.
Scott Bessent said on X that President Trump and Congress delivered the GENIUS Act and created a framework with clear rules for payment stablecoins. He said Treasury is moving quickly to implement that framework. Treasury also said it welcomes stakeholder feedback as it works toward a final rule.
How stablecoin rules affect US sales
The proposed stablecoin rules say platforms may sell foreign-issued stablecoins, but only if the foreign issuer complies with U.S. legal orders and with agreements between the United States and the country where the issuer is regulated. That creates a defined route for some foreign-issued stablecoins to reach U.S. customers under the proposal.
Treasury also described conduct that could violate the stablecoin rules. Examples include directly soliciting U.S. buyers, advertising that a stablecoin is available to them, agreeing to sell after an unsolicited inquiry, or helping buyers bypass location controls such as IP checks. The proposal therefore addresses both direct offers and efforts to get around restrictions.
Stablecoin rules set key dates for platforms
A second major date in the proposal is July 18, 2028. Starting then, broader restrictions would generally prevent crypto exchanges and other digital asset platforms from selling stablecoins to U.S. customers unless the payment stablecoin is issued by a permitted payment stablecoin issuer. This would extend the reach of the stablecoin rules beyond issuers and into platform activity.
Treasury said public comments are due by October 19, 2026, which is 60 days after publication in the Federal Register. Bessent said the regulations are intended to provide businesses with regulatory certainty. He also said Treasury wants to support innovation and growth in America while helping cement the role of the U.S. dollar.
Other agency proposals and industry response
The Treasury proposal comes as other federal agencies continue writing GENIUS Act rules. In February, the Office of the Comptroller of the Currency proposed rules covering stablecoin issuance and oversight. In April, the FDIC followed with proposed requirements on reserves, redemptions, capital, and risk management.
That same month, Treasury proposed anti-money laundering and sanctions rules that would require issuers to report suspicious activity and maintain the ability to block or freeze transactions. Those proposals have drawn pushback from parts of the crypto industry. In June, Paradigm and the Hyperliquid Policy Center warned that making issuers responsible for stablecoins after they move into secondary markets could drive them away from decentralized finance.
Conclusion
The proposed stablecoin rules mark another step in implementing the GENIUS Act framework in the United States. Treasury’s draft would generally require issuer licensing from January 18, 2027, allow some foreign-issued stablecoins to be sold only under specific legal conditions, and impose broader limits on platform sales from July 18, 2028. The proposal also lists conduct that could break the rules, including soliciting U.S. buyers or helping them bypass location checks. With comments due by October 19, 2026, the stablecoin rules now enter public review as Treasury, the OCC, and the FDIC continue building out the wider federal approach to stablecoin oversight.
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