US Treasury moves forward with rules on GENIUS Act after July deadline

cointelegraphPublished on 2026-08-17Last updated on 2026-08-17

Abstract

The US Treasury Department has issued a notice of proposed rulemaking for the implementation of the GENIUS Act, a stablecoin framework law passed in July 2025. The public comment period is open for 60 days. The law is scheduled to take effect on January 18, 2027, but Treasury, alongside other agencies like the OCC and FDIC, missed a July deadline to finalize rules, potentially leaving unclear guidance at implementation. Once effective, entities will generally need a federal or state license to issue payment stablecoins in the US. The article also notes recent US-UK regulatory discussions, with some in the crypto industry feeling the UK is lagging behind US progress on stablecoin rules.

The US Department of the Treasury issued a notice of proposed rulemaking related to the implementation of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, a bill to establish a framework for payment stablecoins signed into law last year.

In a Monday notice, the Treasury Department said that it was opening a proposed rule up to public comment ahead of the January 2027 implementation of the GENIUS Act. Under the terms of the bill, the stablecoin law had been scheduled to go into effect 120 days after agencies finalize rules, or 18 months after it was passed in July 2025, making its effective date Jan. 18, 2027.

Treasury Secretary Scott Bessent said that the department “welcomes input from stakeholders as [it works] to provide the regulatory certainty businesses need to innovate and grow in America.”

Together with the Treasury Department, other US government agencies including the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board have issued notices of proposed rules in 2026 related to the implementation of GENIUS. However, all departments reportedly missed the 120-day deadline in July to finalize regulations before January, signaling that GENIUS could go into effect without clear guidance.

Related: Wise to resubmit US bank charter application under GENIUS Act

According to Treasury, once the GENIUS Act goes into effect, an entity generally may not “issue a payment stablecoin” in the US without a related federal or state license. Public comment on the department’s proposed rules is open for 60 days following publication in the Federal Register.

US-UK regulators discuss GENIUS progress

In July, the UK-US Financial Regulatory Working Group met in London to discuss cooperation between the two country’s financial agencies, including implementation of the GENIUS Act.

Although UK authorities have taken steps to address stablecoin regulation, the pending implementation of GENIUS has some crypto industry insiders arguing the country is falling behind the US.

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5.1k Total ViewsPublished 2026.04.29Updated 2026.06.02

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