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FollowingThe U.S. Treasury Department is continuing to promote the implementation of the GENIUS Act, which marks a new stage in the United States in building a federal regulatory framework for payment type stablecoins. As regulators move to transform the legislation into a workable regulatory system, the Treasury Department is soliciting public comment on the proposed rules. The move provides stablecoin companies, financial institutions and other industry participants with the opportunity to express their opinions before the rules are finalized.
Role of the GENIUS Act
The U.S. Stabiloins Guiding and Establishing National Innovation Act (referred to as the "GENIUS Act") establishes the first federal framework in the United States specifically for the supervision of payment stablecoins. President Donald Trump signed the bill into law in July 2025. The bill aims to establish rules around stablecoin issuers while addressing issues such as consumer protection, financial stability and illegal financial risks. The framework requires payment stablecoins to be backed by reserve assets and stipulates the qualification requirements for approved issuers. In addition, when state regulatory systems are substantially similar to federal frameworks, small issuers can choose to operate under state regulatory systems.
The Treasury Department has issued proposals covering parts of the bill, including state regulations and anti-money laundering and sanctions requirements.
Besent emphasizes greater goals
Finance Minister Scott Bessant said the government is moving forward quickly with the implementation of the framework and welcomes feedback from stakeholders. Besent wrote on platform X: "The President and Congress passed the GENIUS Act, establishing a landmark framework and clear rules for payment stablecoins, and the Treasury Department is rapidly implementing this framework." He said the rules could provide greater regulatory certainty for business activities while helping the U.S. dollar maintain its global reserve currency status. Basent also said the government wants to "maintain the United States 'status as the global cryptocurrency capital." For the stablecoin industry, the rulemaking represents another step in a clearer direction for U.S. regulatory policy after years of uncertainty.
