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FollowingCrypto Regulatory Developments
The U.S. Treasury Department issued a proposed rulemaking notice on August 17 that is related to the U.S. Stabiloin Innovation Guidance and Establishment Act (GENIUS Act). The stablecoin regulatory framework was signed into law in July 2025. After the notice is published in the Federal Register, a 60-day public comment period will begin. The GENIUS Act is scheduled to take effect on January 18, 2027.
The proposed rules focus on establishing core definitions in the law. Specifically, the Treasury Department is seeking to clarify what it means to "issue" payment stablecoins in the United States and which entities are considered providing or selling stablecoins to Americans. The department said it studied established securities laws as a reference, while trying to treat stablecoins as a separate new financial instrument.
Agencies fail to meet July deadline to complete rulemaking
The Treasury Department is one of several federal agencies that need to complete rulemaking before the GENIUS Act takes full effect. The Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board of Governors have all issued their respective proposed rules in 2026. However, all agencies reportedly failed to finalize the rules before the 120-day deadline in July 2026 and the January effective date. This makes it likely that the law will take effect without complete regulatory guidance.
Finance Minister Scott Bessant said the government was moving quickly to provide regulatory certainty. He said the goal is to "consolidate the U.S. dollar's status as the world's reserve currency and maintain the U.S.'s status as the capital of the crypto world." New regulations usually include transition periods so that the industry can adjust before full enforcement begins.
Foreign issuers and digital asset providers face new restrictions
Under the GENIUS Act, once the law takes effect, no entity is allowed to issue payment stablecoins in the United States without federal or state permission. Effective July 18, 2028, digital asset service providers will generally be prohibited from offering or selling payment stablecoins to Americans unless the tokens are issued by licensed entities. Foreign issuers, including industry participants such as Tether, will face greater scrutiny to determine whether they can comply with U.S. legal orders and applicable reciprocity arrangements.
The proposed rules also coincide with ongoing independent legislative activity in Congress. Previously, the Digital Asset Markets Clarification Act (CLARITY Act), which aims to modify parts of the GENIUS Act, including its treatment of stablecoin reward programs, stalled after failing to pass a key vote in early August. The Senate then entered recess, and the bill's future was uncertain. Public comments on the Treasury's proposed rules need to be submitted by mid-October, after which the Treasury will review the submissions before issuing final rules.
In July 2026, the Anglo-American Financial Regulation Working Group held a meeting in London to discuss financial regulatory cooperation, including the implementation of the GENIUS Act. Some cryptocurrency industry participants believe that with the U.S. regulatory framework coming into effect, the UK may lag behind the U.S. in terms of stablecoin regulation.
