The US Department of the Treasury on August 18 published its first notice of proposed rulemaking directly implementing the GENIUS Act. The proposed rule defines when payment stablecoin issuance, offer, or sale in the United States triggers the federal licensing requirement under Section 3. Comments are due by October 19, 2026.
Treasury defines 'issuance' as the first transfer of a stablecoin by its issuer that results in another person having the right to use, transfer, or redeem it. From January 18, 2027, issuance without a GENIUS Act license is prohibited. From July 18, 2028, digital asset service providers cannot offer or sell unlicensed payment stablecoins.
All five implementing agencies missed the statutory July 18, 2026 deadline for final rules. No agency has published final rules. Five other NPRM comment periods have closed, most recently the joint customer identification program rule on August 21. The FDIC reporting forms comment period closes September 18. The Treasury Section 3 comment period closes October 19.