Treasury Proposes Rules for GENIUS Act as 2027 Implementation Nears

Once the law is live, no entity may issue a payment stablecoin in the United States without a federal or state license, the Treasury said. The proposed rules from the department cover application procedures, reporting requirements and compliance standards for licensed issuers. The OCC, the FDIC and the Fed have each issued their own proposed rules addressing the same timeline.

The missed deadline creates uncertainty for firms planning to issue dollar-pegged tokens under the new regime. Without final regulations, issuers must guess at the standards they will need to meet when the law activates. That could delay product launches, increase legal costs or push some companies to operate outside the United States, market participants said.

In July, the UK-US Financial Regulatory Working Group discussed cooperation on stablecoin regulation. Some industry insiders argue the UK is falling behind the United States in establishing a clear framework, even as British authorities have taken their own steps on crypto policy.

The 60-day comment period will run through early 2027. The Jan. 18 statutory deadline remains in place unless agencies finalize rules before then.