Treasury opens 60-day comment period on stablecoin issuance rules under the GENIUS Act, with firms like Circle and Ripple already securing bank charters ahead of the 2028 deadline.
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The U.S. Treasury Department opened a 60-day public comment period on Wednesday for its implementation of the GENIUS Act, the stablecoin law signed by President Trump last year. The notice of proposed rulemaking (NPRM) targets Section 3 of the act, which governs the issuance, offering, and sale of payment stablecoins.
Treasury Secretary Scott Bessent said the department is moving "quickly" to put the regulation in place. "Treasury welcomes input from stakeholders as we work to provide the regulatory certainty businesses need to innovate and grow in America," he said in a statement.
The comment period runs through mid-May. The legislation takes effect next year.
Section 3 defines what it means to issue a payment stablecoin in the U.S., giving firms clarity on when a GENIUS license is required. It also spells out when and how issuers can offer or sell stablecoins in American markets. From July 18, 2028, no crypto firm may offer or sell a payment stablecoin to U.S. users unless a licensed issuer backs it.
Stablecoin issuers have already started positioning for the new regime. Circle has secured full approval for a national trust bank charter. Ripple and Trump-backed World Liberty Financial have conditional approvals for their own banks. Coinbase is also in the mix.
The Treasury briefed the U.K. on its GENIUS Act implementation framework in January at the 13th Financial Regulatory Working Group meeting, which also covered broader crypto industry issues.
The NPRM comes as the CLARITY Act, a more comprehensive crypto regulatory bill, stalls in the Senate. Galaxy Research recently cut its odds of CLARITY Act passage in 2026 to 10%, saying the SEC and CFTC are racing to fill the regulatory void on their own.
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