# Treasury proposes GENIUS Act rules for payment-stablecoin issuance and U.S. distribution

> Treasury proposed regulations implementing section 3 of the GENIUS Act.

- URL: https://riadefi.com/regulation/2025-09-19-treasury-genius-act-implementation-anprm/
- Posture: Proposal · not in effect
- Authorities: U.S. Department of the Treasury
- Event date: 2026-08-18
- Version: 2, published 2026-08-26 (first published 2026-08-07)
- Advisor-relevant: no

This entry records a proposal. It does not change the law unless it is adopted.

## What changed

Treasury proposed regulations implementing section 3 of the GENIUS Act. The proposal would interpret the prohibition on U.S. payment-stablecoin issuance by persons other than permitted issuers and address when exchanges, custodians, transfer services, and other digital-asset service providers may offer or make stablecoins available in the United States. It also addresses foreign-issued stablecoins, technological compliance with lawful orders, territorial scope, evasion, and related definitions. Comments are due October 19, 2026; the proposal is not effective law.

## Who it affects

- Payment-stablecoin issuers and applicants for permitted-issuer status
- Digital-asset exchanges, custodians, transfer services, and other covered service providers
- Banks, advisers, funds, and clients relying on U.S. or foreign payment stablecoins

## What is still open

- The definitions, territorial tests, exceptions, transition provisions, and compliance dates Treasury will adopt
- How service providers will verify issuer status and foreign issuers' technological compliance capabilities
- How the final rule will interact with regulator-specific GENIUS Act rules, reciprocal arrangements, sanctions, AML, and state regimes

## What it means for an advisor

- Inventory stablecoins used in client, custody, collateral, payment, and treasury-management workflows and identify each issuer's expected regulatory pathway
- Assess whether exchanges, custodians, and other providers can restrict unsupported stablecoins and document issuer-status checks
- Do not treat the proposal as currently effective or assume that a foreign stablecoin will remain available in the United States

## Previous interpretation

Treasury's September 2025 ANPRM sought broad GENIUS Act implementation input without proposed regulatory text for section 3's issuance, offer, and sale restrictions.

## Sources

1. [GENIUS Act Regulations on Payment Stablecoin Issuance, Offer, and Sale](https://www.federalregister.gov/documents/2026/08/18/2026-16796/genius-act-regulations-on-payment-stablecoin-issuance-offer-and-sale) · U.S. Department of the Treasury · 2026-08-18


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Published by Ketju Research on RIADeFi (https://riadefi.com). Educational research for financial professionals; not investment, legal, tax, or compliance advice.