The Treasury Department today released proposed rulemaking to require digital asset providers to obtain a federal or state license before issuing payment stablecoins, as required by the Genius Act.
Payment stablecoin issuers will need to obtain a state or federal license beginning on Jan. 18, 2027. They will not be allowed to offer payment stablecoins in the U.S. unless they have a license, beginning on July 18, 2028. The proposed rulemaking would define what it means to issue, offer and sell payment stablecoins for the purposes of the law, according to a Treasury statement.
Treasury is seeking public comment on the proposed rulemaking. Comments must be submitted within 60 days of publication in the Federal Register.
The rulemaking is just one of several proposals to implement the Genius Act. Treasury previously released proposed rulemaking to establish how federal regulators will review state regulatory regimes, as the law allows issuers to opt for state regulation if those regimes are substantially similar to the federal framework.
