Treasury Secretary Bessent: Treasury is Rapidly Implementing the GENIUS Act for Stablecoins
U.S. Treasury Secretary Scott Bessent stated that the Treasury is rapidly implementing the payment stablecoin framework under the GENIUS Act.
The Treasury has issued a notice for proposed rulemaking, seeking public comments on Section 3 of the Act.
The Act is expected to take effect on January 18, 2027, at which point issuing payment stablecoins in the U.S. will generally require federal or state licensing.
From July 18, 2028, digital asset service providers will be prohibited from selling stablecoins issued by unlicensed issuers to U.S. persons.
Bessent emphasized that this move will provide regulatory certainty, strengthen the dollar's status as a reserve currency, and maintain the U.S. position in crypto capital.
Market mechanisms indicate an increasing expectation for the implementation of event-driven stablecoin regulation: funds are flowing towards compliant dollar stablecoin issuance and reserve assets, with potential increased demand for government bonds, while non-compliant and offshore issuers face pressure.
Additionally, the rules focus on definitions of issuance, offering, and sale.
Source: Public Information
ABAB AI Insight
The U.S. is incorporating stablecoins into the federal licensing system through the GENIUS Act, reflecting a shift from regulatory ambiguity to clear licensing and reserve requirements.
In terms of capital flow, resources are concentrating on licensed issuers and high-liquidity reserve assets, motivated by the aim to expand the global use of the dollar through stablecoins and increase demand for government bonds, while restricting foreign and non-compliant issuers.
Similar cases can be seen in the EU's MiCA for preliminary regulation of stablecoins; the U.S. is currently in a phase of moving from legislation to detailed rules, competing for dominance in the digital dollar space.
The structural judgment indicates a regulatory change: the federal framework replaces fragmented state-level regulation, with mechanisms involving mandatory licensing and reserve standards, making stablecoins controlled payment instruments rather than regulatory arbitrage products.
ABAB News · Cognitive Law
- Licensing determines the boundaries of the digital dollar
- Reserve assets lock in the advantages of sovereign currency
- Regulatory speed determines the attribution of innovation