Comments on the ANPRM must be submitted within 30 days of its publication in the Federal Register.
The US Treasury Department released an advance notice of proposed rulemaking (ANPRM) on 18 September 2025, seeking public comments on the implementation of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.
The GENIUS Act tasks the Treasury (and various other federal agencies) with issuing regulations that encourage innovation in payment stablecoins while also providing an appropriately tailored regime to protect consumers, mitigate potential illicit finance risks, and address financial stability risks.
Through this ANPRM, Treasury is seeking public comments on potential regulations that may be promulgated by Treasury, including regarding regulatory clarity, prohibitions on certain issuances and marketing, Bank Secrecy Act (BSA) anti-money laundering (AML) and sanctions obligations, the balance of state-level oversight with federal oversight, comparable foreign regulatory and supervisory regimes, and tax issues, among other things.
Treasury is seeking comment on all aspects of the ANPRM from all interested parties, and also requests that commenters identify other issues that Treasury should consider.
The GENIUS Act, enacted on 18 July 2025, provides a comprehensive framework for the federal regulation of payment stablecoins. As defined in the GENIUS Act, a payment stablecoin is a digital asset (i) that is, or is designed to be, used as a means of payment or settlement and (ii) the issuer of which is obligated to convert, redeem, or repurchase for a fixed amount of monetary value and represents or creates the reasonable expectation that it will maintain a stable value relative to a fixed amount of monetary value. US dollar-denominated (USD) stablecoins seek to combine the accessibility and frictionless use of digital assets with the stability and benefits of a USD-based financial system.
Under the GENIUS Act, only permitted payment stablecoin issuers (PPSIs) may issue a payment stablecoin in the United States, subject to certain exceptions and safe harbours. Further, beginning on 18 July 2028, digital asset service providers may not offer or sell a payment stablecoin to any person in the United States unless the payment stablecoin is issued by a PPSI or issued by a foreign payment stablecoin issuer (FPSI) that meets certain requirements.
The GENIUS Act provides three primary categories of PPSIs, all of which must be formed in the US: (i) a subsidiary of an insured depository institution; (ii) a federal qualified payment stablecoin issuer; or (iii) a state qualified stablecoin issuer.
The GENIUS Act vests the Treasury with various authorities and responsibilities, including express authority to issue regulations to carry out the GENIUS Act. For example, the Treasury is tasked with implementing limitations on the issuance of payment stablecoins in the United States, as well as issuing rules establishing broad-based principles for determining whether a state-level regulatory regime is substantially similar to the federal regulatory framework.
Comments on the ANPRM must be submitted within 30 days of its publication in the Federal Register.
