U.S. Treasury · Scott Bessent · U.S. · Cointelegraph
US Treasury moves forward with rules on GENIUS Act after July deadline
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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.
Key facts
- Together with the Treasury Department, other US government agencies including the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the Federal
- In July, the UK-US Financial Regulatory Working Group met in London to discuss cooperation between the two country’s financial agencies, including implementation of the GENIUS Act
- 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
- In a Monday notice, the Treasury Department said that it was opening a proposed rule up to public comment ahead of the January 2027 implementation of the GENIUS Act
Summary
The US Department of the Treasury issued a notice of proposed rulemaking related to the implementation of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, a bill to establish a framework for payment stablecoins signed into law last year. In a Monday notice, the Treasury Department said that it was opening a proposed rule up to public comment ahead of the January 2027 implementation of the GENIUS Act. Treasury Secretary Scott Bessent said that the department “welcomes input from stakeholders as to provide the regulatory certainty businesses need to innovate and grow in America.