Regulation · Instrument · United States · Proposed rule · U.S. Department of the Treasury
US Treasury proposed rule: GENIUS Act regulations on payment stablecoin issuance, offer and sale (FR Doc. 2026-16796)
Treasury's proposal implementing section 3 of the GENIUS Act, the core prohibitions on who may issue, offer and sell payment stablecoins in the United States. It would define when an issuance counts as being in the US, set out what counts as an offer or sale by a digital asset service provider to a person in the US, give examples of conduct that could amount to taking part in an unlawful issuance, and propose limited exemptions and safe harbours.
Consultation open · part of GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act)
Key points
- An issuance would count as being in the US only if the issuer is located in the US at the time, or issues the coin to a person located in the US.[1]
- Acting as a market maker for newly issued coins, or coordinating with an issuer on key issuance steps, are given as examples of conduct that may amount to participating in an unlawful issuance.[1]
- Soliciting US persons, advertising a coin as available to them, or advising buyers how to get around location checks would count as offering or selling to US persons.[1]
Timeline
- 18 Aug 2026 · ProposedPublished in the Federal Register.[1]
- 19 Oct 2026 · Consultation · upcomingComment deadline.[1]
Deployments operating under it
None recorded with a source yet.
Sources
- [1]GENIUS Act Regulations on Payment Stablecoin Issuance, Offer, and Sale (FR Doc. 2026-16796, proposed rule) — Federal Register (Office of the Federal Register), 18 Aug 2026. Accessed 13 Oct 2026.A