The Treasury Department has proposed rules defining what counts as issuing, offering, or selling payment stablecoins in the United States, and has asked the public to weigh in on how the new federal stablecoin law should reach cross-border activity. (TREAS-DO-2026-0496, 8/18/2026)

The Notice of Proposed Rulemaking (NPRM) sets out Treasury’s framework for implementing section 3 of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, P.L. 119-27, and builds on an advance notice the department issued in September 2025. It defines key terms left open by the statute and creates safe harbors for market participants.

“Treasury welcomes input from stakeholders as we work to provide the regulatory certainty businesses need to innovate and grow in America,” Treasury Secretary Scott Bessent said in a statement. The department is accepting comments for 60 days after the rule’s publication in the Federal Register, submitted through the federal eRulemaking portal.

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