The draft amendment bill establishes mandatory licensing for crypto companies. If Congress passes it, starting January 18, 2027, all stablecoin issuers will be required to obtain a federal or state license. Crypto platforms will be able to offer clients stablecoins from foreign issuers, but only on the condition that they comply with U.S. legislation and existing intergovernmental agreements between the U.S. and the regulators of their jurisdiction.
Even stricter restrictions are proposed to be established from July 18, 2028: the Treasury Department wants to deprive cryptocurrency exchanges and services of the right to offer Americans stablecoins issued by an entity without an official license from the U.S. Treasury. Treasury Secretary Scott Bessent called the proposed measures a way to "secure the dollar's status as the world's leading reserve currency."
The draft amendments to the $GENIUS are currently at the public hearing stage, which will last 60 days from the date of publication in the federal register. The document must then be submitted to Congress.
Another crypto market bill — CLARITY — is stalled in the American parliament. It was initially planned that the Senate would consider the initiative before the summer recess. However, Senate Republican Leader John Thune did not file a cloture motion before August 7 — a motion necessary to begin a vote by the full Senate. The senator lamented protracted negotiations with the presidential administration, during which they literally went "line by line" through the document.
The delays are related to the so-called "ethical aspect" of the bill — a proposal to prohibit high-ranking government officials, including the U.S. president, from participating in the crypto business. To prevent Donald Trump from refusing to sign CLARITY, two of his supporters proposed adding a provision to the bill allowing the president to obtain a deferral on paying federal capital gains tax on the sale of crypto assets.
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