GENIUS Act: U.S. Treasury closes public comment on stablecoin rules

The public comment period for the U.S. Treasury’s proposed rule to implement the GENIUS Act closed on October 19, 2026. The Guiding and Establishing National Innovation for U.S. Stablecoins Act, enacted in July 2025, establishes a regulatory framework for payment stablecoins, defining them as digital assets designed for payment or settlement that must be redeemable for a fixed monetary value.

While the SEC is establishing a taxonomy to classify payment stablecoins as non-securities, the primary compliance framework rests with the Treasury, the OCC, the FDIC, and the Federal Reserve. The statutory effective date is January 18, 2027, though this may shift if final rules are published by November 2026, triggering a 120-day implementation clock.

The Blockchain Association has submitted comments seeking explicit exemptions for self-custodial interfaces and validation activities, as well as clarity regarding criminal liability and the assessment of foreign-issued stablecoins. The proposed rules aim to define Permitted Payment Stablecoin Issuers (PPSIs) and regulate the issuance, offer, and sale of these assets within the United States.