Treasury's Bessent: Stablecoin Rules Keep US Crypto Capital
The U. S. Treasury opened a 60-day public comment period on proposed rules for the GENIUS Act, aiming to create a federal stablecoin regulatory framework before the law takes effect in January 2027. The. . .
The U. S. Treasury opened a 60-day public comment period on proposed rules for the GENIUS Act, aiming to create a federal stablecoin regulatory framework before the law takes effect in January 2027. The rulemaking defines what it means to issue, offer, or sell a payment stablecoin in the U. S. and sets licensing requirements for domestic and foreign issuers. Treasury Secretary Scott Bessent stated the proposal seeks to give businesses regulatory certainty and cement the U. S. as the “crypto capital of the world. ”TheU. S. Department of the Treasuryon Monday opened a 60-day public comment period on proposed rules to implement the GENIUS Act, laying the groundwork for a federal stablecoin framework ahead of the law’s January 2027 effective date. The Notice of Proposed Rulemaking (NPRM) woulddefinewhat it means to “issue a payment stablecoin in theUnited States” and to “offer or sell” a stablecoin to a person in the U. S. , clarifying when issuers need a GENIUS license. - Advertisement -Treasury Secretary Scott Bessentsaidon X that the rulemaking aims to provide businesses “the regulatory certainty” needed“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. ”Public comments on the NPRM are due within 60 days of Federal Register publication. The GENIUS Act will go into effect on January 18, 2027, after which stablecoins can no longer be issued in the U. S. without a federal or state license; a second deadline of July 18, 2028, will prevent digital asset service providers from offering or selling any payment stablecoin unless issued by a licensed issuer. The rulemaking comes as activity in U. S. -linked stablecoins picks up, with the GENIUS Act potentially removing regulatory uncertainty for major firms likeCircleandTether. On Monday,Rippleminted 10 million Ripple USD (RLUSD) tokens on theXRP Ledger, pushing the circulating supply to about 1. 71 billion. RLUSD usesBNY Mellonas a custody provider for its USD reserve. The White House is scheduled to host executives fromCoinbase Global,Ripple,Polymarket, andGeminion Wednesday, while a separate bill, the CLARITY Act, remains pending in the Senate. ✅ FollowBITNEWSBOTonTelegram,Facebook,LinkedIn,X. com, andGoogle Newsfor instant updates. Previous Articles:OpenSea Founder Exits with $7B AI Deal as NFT Empire FadesUS Treasury issues proposed rules for GENIUS stablecoins5 Billionaires Bet Big on SpaceX Stock Amid $140 TradingNCSC warns of macOS Screen Sharing flaw used for cryptojackingFed Holds Rates; September Hike Unlikely – GoldmanStay in the Loop🔥Join 1. 2K Smart Traders- Advertisement -Get exclusive crypto insights, breaking news, and market analysis delivered straight to your inbox. No fluff, just facts.