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U.S. Treasury Proposes GENIUS Act Rules for Stablecoin Issuers
The Treasury's proposal defines stablecoin oversight and targets Tether. Comments are due mid-October with a Jan. 18 effective date and no guarantee all rules will be ready.
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The U.S. Treasury published a proposal Thursday that implements the GENIUS Act, the first federal framework defining which stablecoin issuers fall under American oversight and what compliance rules they must follow. The document is the most concrete regulatory action since Congress passed the law last year.
Treasury Secretary Scott Bessent said the administration is moving 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.”
The proposal takes direct aim at international issuers, singling out Tether, the world’s largest stablecoin operator. It raises dozens of interpretive questions about how the law should apply to non-U.S. firms, the Treasury said. Comments are due by mid-October.