Key Takeaways
- The US Treasury has opened public consultation on new rules implementing key provisions of the GENIUS Act.
- Treasury Secretary Scott Bessent said the rules are aimed at giving stablecoin companies regulatory certainty while strengthening the US dollar’s global role.
- Attention is also shifting to the CLARITY Act, with a Senate cloture vote currently set for Sept. 15 after lawmakers return from recess.
The US Treasury has taken another step toward putting the GENIUS Act into practice, opening public consultation on rules that will determine which stablecoin issuers can operate in the country.
Treasury issued a Notice of Proposed Rulemaking on Aug. 17, covering Section 3 of the Guiding and Establishing National Innovation for US Stablecoins Act. The proposal focuses on when a company is considered to be issuing a payment stablecoin in the US and when stablecoins are considered to be offered or sold to American users.
Treasury Secretary Scott Bessent said the department was “moving quickly” to implement the stablecoin framework.
“President Trump and Congress delivered the GENIUS Act, establishing a landmark framework and clear rules of the road for payment stablecoins,” Bessent wrote on X.
He added that the Treasury wants rules that allow companies to “innovate and grow in America,” strengthen the dollar’s position as the global reserve currency, and “keep America the crypto capital of the world.”
What Changes Under the GENIUS Act?
The next major deadline arrives on Jan. 18, 2027, the expected effective date of the GENIUS Act.
From then, companies generally will not be allowed to issue payment stablecoins in the US without an appropriate federal or state license.
Foreign stablecoins face another set of requirements. Digital asset service providers generally will not be able to make foreign-issued stablecoins available unless their issuers can comply with lawful US orders and applicable arrangements between the US and their home jurisdictions.
The rules tighten further from July 18, 2028, when service providers generally will be barred from offering stablecoins to US customers unless they come from licensed issuers.
Treasury’s latest proposal attempts to define where those boundaries sit in practice. The department is giving the public 60 days after publication in the Federal Register to respond.
CLARITY Act Is Next on Washington’s Crypto Agenda
Stablecoins are only one part of Washington’s broader crypto rulebook.
The Digital Asset Market Clarity Act, or CLARITY Act, would tackle the larger question of how cryptocurrencies and trading platforms are divided between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).
The House passed H.R. 3633 in July 2025 by a 294-134 bipartisan vote.
The bill would establish registration frameworks for digital commodity exchanges, brokers and dealers while laying out separate roles for the SEC and CFTC across crypto markets.
Its next test is now approaching.
Senate Majority Leader John Thune filed cloture on the motion to proceed with the CLARITY Act before the August recess. The Senate’s current schedule says that cloture motion will ripen at 2:15 p.m. on Sept. 15, a day after senators return for regular business.
Treasury can now start turning the GENIUS Act into enforceable stablecoin rules. Whether Washington can extend that regulatory push across the rest of the crypto market will depend heavily on what happens to CLARITY in September.
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Dr. Guneet Kaur is a senior editor at CCN.com and a Science Fellow at Exponential Science. She is a fintech and blockchain expert with extensive experience in digital finance education, blockchain ecosystems, and cryptocurrency markets. She has worked with global media such as Cointelegraph, as well as education and blockchain platforms, to design and lead strategic content and learning initiatives. As an educator and assessor for top-tier executive programs, she bridges real-world fintech trends with academic insight.
Dr. Kaur is also a published researcher and peer reviewer across fintech and data science journals, including Financial Innovation Journal and International Journal of Big Data Intelligence and Applications. Her work spans data-driven analysis, Web3 innovation, and technical content development. With a strong foundation in both industry and academia, she translates complex financial technologies into practical applications, empowering learners, professionals, and institutions across the rapidly evolving digital finance landscape.
