Stablecoins: U.S. Treasury Proposes New GENIUS Act Rules to Define Oversight

TL;DR:

• The U.S. Treasury Department submitted a proposal to implement the GENIUS Act, establishing key definitions.
• The industry and the public have 60 days to submit comments, and the law’s effective deadline is set for January 18, though it is unlikely all rules will be ready by then.
• The proposal also focuses on foreign stablecoin issuers such as Tether. The GENIUS Act could be partially rewritten by the Digital Asset Market Clarity Act.

The U.S. Department of the Treasury is working on the implementation of the GENIUS Act. It has just published a proposal that establishes federal definitions of what it means to issue stablecoins on U.S. territory and who is required to comply with its provisions. This initiative is the first significant action since Congress completed the law last year.

Treasury Secretary Scott Bessent noted that the administration seeks to move quickly to “provide the regulatory certainty that businesses need to innovate and grow in America, consolidate the role of the U.S. dollar as the world’s reserve currency, and keep the United States as the crypto capital of the world.”

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