U.S. Treasury Department proposes GENIUS Act stablecoin rule
The Treasury proposal would establish some of the core definitions and jurisdictions in the law Congress completed last year.
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Summary
- The first major proposal to implement the GENIUS Act has emerged from the Treasury Department, marking a significant milestone in the process to put U.S. stablecoin regulations in place.
- The administration — including banking and markets regulators — are well past the one-year deadline set out in the law, which expired last month, but the regulators are making steady progress to implement the rules for operating U.S. stablecoin issuers.
