Treasury Proposes Rules Defining Who Can Legally Sell Stablecoins in US

In brief

• Treasury proposed rules defining when stablecoins are issued, offered, or sold in the US under the GENIUS Act.
• Beginning January 18, 2027, issuers generally must obtain a federal or state license to issue payment stablecoins in the US.
• Starting July 18, 2028, crypto platforms generally cannot sell stablecoins to US customers unless they come from an approved issuer.

The U.S. Department of the Treasury proposed rules Monday defining which stablecoins can be issued or sold in the United States under the GENIUS Act.

The proposal implements Section 3 of the GENIUS Act, signed into law last summer. According to the proposal, beginning January 18, 2027, stablecoin issuers generally must obtain a federal or state license. Platforms can also sell foreign-issued stablecoins, but only if the foreign issuer complies with U.S. legal orders and agreements between the U.S. and the country where it is regulated.

“President Trump and Congress delivered the GENIUS Act, establishing a landmark framework and clear rules of the road for payment stablecoins, and Treasury is moving quickly to implement that framework,” Treasury Secretary Scott Bessent wrote on X.

Starting July 18, 2028, broader restrictions would generally prevent crypto exchanges and other digital asset platforms from selling stablecoins to U.S. customers, “unless the payment stablecoin is issued by a permitted payment stablecoin issuer.”