Treasury Drafts the Stablecoin Licence Line
The GENIUS Act is reshaping stablecoin oversight, pushing issuers toward bank-like compliance as rulemaking deadlines, charter races, and implementation gaps keep evolving.
The Treasury opened a 60-day public comment period Monday on proposed rules implementing the GENIUS Act, defining what counts as issuing a payment stablecoin in the US and offering or selling one to US persons — the thresholds deciding who needs a federal or state licence and which coins exchanges may list. Licensing bites January 18, 2027; from July 18, 2028 service providers may only offer coins from permitted issuers. The proposal names Tether as the largest foreign issuer; a comparability path via OCC registration exists, and responses are due mid-October.
GENIUS Act: the July 2028 door swings shut on Tether
Everyone's watching the January 2027 start date. The line that matters comes eighteen months later: from July 2028, US exchanges may only offer stablecoins from licensed issuers.
That clause points at Tether's USDT, the biggest dollar-token on earth, run from offshore — and Treasury's draft names it. But the machinery isn't building a wall. There's a door for foreign issuers — a comparable home regime plus US registration — and Washington decides what counts as comparable. And Tether already answered: it launched a second, US-regulated coin for inside the line while USDT stays offshore.
The licence line doesn't ban the outsider. It makes the outsider incorporate — split into a version the state can reach and a version it can't touch but can exclude. Dollar dominance grows either way; the choice of which dollar-token you're allowed to hold shrinks to the ones with a licence. Bullish for the dollar. Quietly decisive for who controls the dollar's new rails.
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US Treasury unveils proposed Genius Act stablecoin rules with 60-day comment period
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8 sources
- US Treasury unveils proposed Genius Act stablecoin rules with 60-day comment period · youtube.com · T3
- US Treasury Sets 60-Day Comment Window for GENIUS Stablecoin Rules · coindoo.com · T2
- Treasury Proposes Rules Defining Who Can Legally Sell Stablecoins in US · decrypt.co · T2
- US Treasury proposal could reshape which stablecoins exchanges can list · ambcrypto.com · T2
- U.S. Treasury Department Issues Official Announcement on the Country’s Second Most Important Cryptocurrency Law—Key Dates Revealed · en.bitcoinsistemi.com · T2
- US Treasury moves forward with rules on GENIUS Act after July deadline · cointelegraph.com · T1
- US Treasury Asks For Public Input on Landmark Genius Act Crypto Legislation · bitcoinmagazine.com · T2
- U.S. Treasury Opens GENIUS Act Stablecoin Rule to Public Comment · blockchainreporter.net · T2