The U.S. Department of the Treasury is asking for public comment on the upcoming implementation of new stablecoin rules.
The GENIUS Act, signed by US President Donald Trump last year, establishes a regulatory framework for stablecoins, crypto assets pegged to the US dollar. The legislation requires each token to be fully backed by liquid assets such as cash or short-term US Treasuries.
The Treasury Department is specifically requesting public opinion on section 3 of the Act, which delineates who can issue and sell stablecoins in the United States.
The GENIUS Act is expected to go into effect on January 18th, prohibiting people from issuing stablecoins in the US unless they’re licensed.
Additional restrictions materialize later: On July 18th, 2028, the legislation is set to restrict digital asset service providers from offering or selling any payment stablecoins to people in the US unless the assets are issued by a licensed issuer.
Treasury Secretary Scott Bessent says the department welcomes opinions from stablecoin stakeholders.
“President Trump and Congress delivered the GENIUS Act, establishing a landmark framework and clear rules of the road for payment stablecoins, and Treasury is moving quickly to implement that framework. Treasury welcomes input from stakeholders as we work to provide the regulatory certainty businesses need to innovate and grow in America, cement the role of the U.S. dollar as the world’s reserve currency, and keep America the crypto capital of the world.”
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Featured Image: Shutterstock/Teo Tarras/Natalia Siiatovskaia