The US Treasury issued a notice of proposed rulemaking on Monday to implement section 3 of the GENIUS Act. The print is geography. It defines when a payment stablecoin is “issued,” “offered,” or “sold” in the United States. That definition is the trigger for a GENIUS licence.
Treasury Secretary Scott Bessent said the department is “moving quickly to implement that framework” and wants comments that give businesses “the regulatory certainty” to stay onshore.
Three dates. One licence map.
| Date |
What changes |
| 18 January 2027 (expected effective) |
A person generally may not issue a payment stablecoin in the United States without a federal or state licence. Digital asset service providers generally may not offer or sell foreign-issued payment stablecoins unless the foreign issuer can and will comply with any lawful order and any reciprocal arrangement with its home jurisdiction. |
| 18 July 2028 |
DASPs generally may not offer or sell any payment stablecoins to persons in the United States unless issued by a licensed issuer. |
| 60 days after Federal Register publication |
Comment window. Aggregators date the Register 18 August 2026. Treasury’s release does not print a calendar close. |
The January 2027 line is the issuance licence plus the foreign-issuer condition. The July 2028 line is the full DASP sales ban. Those are different clocks.
Issued here. Offered here. Sold here.
By defining “issue a payment stablecoin in the United States,” the proposed rule tells an issuer when it needs a GENIUS licence. By defining “offer or sell” to a person “in the United States,” it tells a platform when a foreign coin can sit on a US book.
The NPRM builds on last September’s advance notice. It is not a Tether finding and not a penalty schedule. Those figures are not in the Treasury release.
This is a different statute and a different agency from Tuesday’s SEC Regulation Crypto Assets proposal. That note is fundraising. This one is licence geography.
Live stamps sit on the economic calendar.
Informational only. Not trading advice, signals, or a guarantee of any market outcome.
Written and fact-checked with AI assistance, reviewed by a human editor before publication.
