Treasury Seeks Public Input on Stablecoin License Rules Under GENIUS Act

The overall effective date of the GENIUS Act is January 18, 2027. From that point, a person generally cannot issue a payment stablecoin in the United States without an appropriate federal or state license. A stricter prohibition on the offer and sale of certain stablecoins takes effect July 18, 2028.

The consultation asks several specific questions. Are the law’s key terms defined clearly enough? When exactly should a stablecoin be considered “issued”? What due diligence obligations should digital asset service providers have when relying on a foreign issuer’s compliance representations? The Treasury is accepting comments for a set period before finalizing the rule.

The push comes as Congress works on broader crypto market structure legislation. Lawmakers had aimed for a vote on the Clarity Act this month. That vote was delayed until September. Bessent earlier this year urged lawmakers to pass the Clarity Act. Trump said this month that passing such legislation is necessary for the U.S. to stay ahead of China. He also claimed that more people are using Bitcoin for payments.

The consultation period and the delayed Clarity Act vote mean the regulatory timeline for U.S. crypto markets remains uncertain through the second half of the year. The next concrete date is the September vote attempt.