US Treasury moves forward with rules on GENIUS Act after July deadline
The stablecoin bill signed into law last year is scheduled to go into effect in January 2027, potentially without finalized regulations from US government agencies.
The US Treasury Department recently published a notice of proposed rules for the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, following a July deadline for finalizing regulations. The GENIUS Act, signed into law last year, is set to take effect in January 2027, potentially without finalized rules from US government agencies.
The Treasury Department has opened the proposed rules to public comment, with a 60-day window for feedback following publication in the Federal Register. Under the bill, entities must obtain a federal or state license before issuing payment stablecoins in the US. While multiple US government agencies, including the OCC, FDIC, and Federal Reserve, have issued their own proposed rules, all reportedly missed the July deadline to finalize regulations before January 2027.
The UK-US Financial Regulatory Working Group recently met in London to discuss cooperation between their financial agencies, including GENIUS implementation. Some in the crypto industry argue the UK is falling behind the US in stablecoin regulation as the GENIUS Act's effective date approaches.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
