Treasury Seeks Public Comment on GENIUS Act Licensing Rules

The Treasury Department is currently seeking public input regarding the GENIUS Act licensing rules for payment stablecoins. This comes as the department prepares to implement the act, which is considered a landmark framework for the regulation of stablecoins in the United States. The Treasury Department has issued a notice of proposed rulemaking (NPRM) outlining its proposed framework for determining when a payment stablecoin issuer must obtain a GENIUS license and how these coins can be offered and sold in U.S. markets.

These requirements are detailed in section 3 of the GENIUS Act. The department's NPRM aims to provide clarity to the industry regarding licensing and market access for these digital assets. Stakeholders are invited to submit comments on the NPRM for a period of 60 days following its publication in the Federal Register. Treasury Secretary Scott Bessent emphasized the importance of this regulatory clarity, stating that it will ensure businesses can innovate and grow in America while maintaining the U.S. dollar's status as the world's reserve currency and preserving America's position as the cryptocurrency capital.