Scott Bessent Says Treasury Is 'Moving Quickly' on Stablecoin Rules: What's in the Proposal?

Treasury Secretary Scott Bessent released the long-awaited GENIUS Act stablecoin licensing rules Monday, setting out who needs a federal license to issue or sell stablecoins in the United States.What are the GENIUS Act Licensing Requirements?According to a Treasury press release, the Notice of Proposed Rulemaking sets out two core frameworks.First, it defines what it means to issue a payment stablecoin in the United States, clarifying when an issuer needs a GENIUS Act license.Second, it defines what it means to offer or sell a stablecoin to someone in the United States, clarifying when and how stablecoins can reach US markets.Starting January 18, 2027, no one can issue a payment stablecoin in the United States without an appropriate federal or state license.Starting July 18, 2028, digital asset service providers cannot offer or sell any payment stablecoin to U.S. persons unless the issuer holds a valid license.Foreign issuers face additional requirements, with providers barred from offering their stablecoins unless the foreign issuer can comply with lawful US orders and any reciprocal arrangements with the issuer’s home country.The public has 60 days from Federal Register publication to submit comments at regulations.gov.What Did Bessent Say About the Stablecoin Framework?Treasury Secretary Scott Bessent posted on X that Donald Trump and Congress delivered the GENIUS Act as a landmark framework for payment stablecoins and that the Treasury is moving quickly to implement it.“Treasury welcomes input from stakeholders as we work to provide the regulatory certainty businesses need to innovate and grow in America, cement the role of the US dollar as the world’s reserve currency, and keep America the crypto capital of the world,” Bessent wrote.Why Does the GENIUS Act Matter For Crypto Markets Now?According to Punchbowl News, Monday’s release covers the most consequential piece of the GENIUS Act that had not yet been addressed: individual issuer licensing.Treasury had already published proposed rules on state-regulated stablecoin companies and anti-money-laundering requirements, but the licensing framework is what the industry needs to plan around.The release arrives as the Clarity Act remains stalled in the Senate with a procedural vote not scheduled until September 15.With legislation moving slowly, the Trump administration is using regulatory action to keep the crypto agenda moving forward.Photo via Shutterstock