Treasury opens stablecoin rules
The U.S. Treasury launched formal GENIUS Act rulemaking on April 1, publishing a dual-track proposal that separates stablecoin firms above and below $10B in issuance and opens a 60‑day public comment window. The draft focuses on reserve, disclosure and risk‑control requirements intended to lock in consumer protections and financial‑stability guardrails. (bitcoinmagazine.com)
Treasury’s April 1 notice runs 87 pages and is designated as the department’s first formal proposed rule under the GENIUS Act. (bitcoinmagazine.com) The NPRM frames regulatory review around “broad‑based principles” Treasury will use to judge whether a state regime is “substantially similar” to federal standards. (theblock.co) The draft explicitly calls for issuers to publish monthly reserve‑composition reports and enforces naming restrictions for payment stablecoins as part of its disclosure regime. (crypto.jobs) Separately, the OCC released a comprehensive 376‑page NPRM in February to implement the GENIUS Act within the OCC’s supervisory perimeter, while Treasury and the OCC have signaled that BSA/AML and OFAC sanctions rules will be addressed in a coordinated, separate rulemaking. (manatt.com) The GENIUS Act itself was signed into law on July 18, 2025, and Treasury and other agencies face statutory timing constraints to finish implementing regulations within roughly a year of enactment. (paulhastings.com) Final‑rule timing matters because the statute sets an effective‑date framework tied to agency rulemaking (the Act becomes effective the earlier of Jan. 18, 2027 or 120 days after final implementing rules), creating a narrow window for comment, interagency coordination, and market adjustment. (usdc.org)
