US Treasury Seeks GENIUS Act Stablecoin Licensing Comments

A second date, July 18, 2028, tightens the rule into a blanket bar. From then on, service providers will generally be prohibited from offering any payment stablecoin to US residents unless the coin originates from a properly licensed issuer.

The practical exposure splits between issuers and platforms. Issuers need a license or a path to one. Platforms must stop handling foreign coins that lack reciprocal agreements, and service providers face the 2028 cutoff.

Much of the proposal is definitional, and the definitions carry the enforcement weight. Treasury's draft sets the test for when a stablecoin counts as "issued" inside US territory and when an issuer or platform is deemed to be distributing or marketing a coin to American consumers. Those definitions determine which foreign projects count as issuing into the US market and which platforms count as distributing foreign coins to US customers.

Monday's proposal follows an advance notice of proposed rulemaking Treasury released in September 2025. Treasury is not the only agency writing the implementing rules. The Federal Reserve Board published its proposed regulations during 2026, and the FDIC and the Office of the Comptroller of the Currency did the same. Reports said all four agencies missed the July deadline for final regulations, a gap that could leave the statute taking effect before a full set of finalized guidance is available.

Cross-border coordination is running in parallel. The UK-US Financial Regulatory Working Group met in London in July to discuss cooperation on financial regulation, including GENIUS Act implementation. Some industry observers have said the UK is falling behind the US in building out its stablecoin rules.

The public comment window runs 60 days from the proposal's publication in the Federal Register. Treasury officials said they want submissions from industry representatives and other stakeholders while the final regulatory structure takes shape.