Treasury Proposes Rules Defining Who Can Legally Sell Stablecoins in US
Treasury proposed rules to implement the GENIUS Act framework for payment stablecoins. Under the proposal, starting Jan. 18, 2027, issuers generally need a federal or state license to issue or sell stablecoins in the U.S. Foreign-issued stablecoins could be sold only if the issuer follows U.S. legal orders and any applicable agreements with its home country. Starting July 18, 2028, exchanges and other digital asset platforms would generally be barred from selling stablecoins to U.S. customers unless the coin is issued by a permitted payment stablecoin issuer. The proposal also defines prohibited conduct, including soliciting U.S. buyers, advertising availability to them, or helping users evade location checks. Public comments are due Oct. 19, 2026. Treasury says the rules aim to give businesses certainty, support innovation, and reinforce the dollar’s role.
