The United States Department of the Treasury has officially initiated the process of developing federal rules for the payment of stable coins and has opened a 60-day public opinion period. The Minister of Finance, Scott Becent, stated that the Ministry of Finance was moving the GENIUS Bill into a physical landing phase in the hope of providing a clearer regulatory environment for the industry.

Proposed rules enter for comment

The Ministry of Finance issued a circular on the proposed rules, which began to establish by-laws at the federal level for the payment of stable currency. As currently expressed, the new framework would introduce mandatory licensing requirements and set a higher threshold for access for issuers abroad.

According to Becent, the White House and Congress have provided a clearer regulatory direction for the industry, whereby businesses can promote product innovation and business expansion in the United States. At the same time, the Ministry of Finance indicated that it would welcome feedback from market participants during the consultation period.

  • The public opinion period is 60 days
  • The rule focuses on the payment of stable currency
  • External issuer or higher threshold

Overall regulation points to 2027 to 2028

Under the current arrangements of the Ministry of Finance, stricter government regulation is expected to be fully operational between 2027 and 2028. Officially, the system serves not only to strengthen domestic market regulation but also to consolidate the position of the dollar in the global reserve system.

This means that the United States regulatory focus on the stabilization currency has shifted from a discussion of principles to implementation. For issuers, payment platforms and related encryption enterprises, follow-up attention will focus on licensing, compliance and cross-border operational requirements.

The Congressional Bill is still in place.

In contrast to the Ministry of Finance ' s move towards a currency-stable rule, another broader digital asset legislation has not been broken. The Digital Asset Market Clarity Bill, which had been used to delineate the regulatory powers of the SEC and the Commodity Futures Trading Commission, was again postponed to a vote in mid-September due to disagreements within the Senate over ethical rules.

Opponents have called for more severe restrictions on the possession of personal encrypted assets by senior government officials, as recent disclosures indicate that some government-related individuals have earned income from digital assets projects.

The White House will meet the industry this week.

Against a backdrop of slow parliamentary advancement, the White House is trying to proactively harmonize the regulatory agenda. According to the source, the Government will hold a closed meeting on 19 August, involving large encryption companies, block-chain payment platforms and forecast market operators.

It was mentioned that agencies such as Ripple, Polymarket and Kalshi were expected to attend. The meeting was also seen as a communication arrangement prior to the first meeting of the United States Commodity Futures Trading Commission on 20 August.

At that time, Vicente, Paul Atkins, Chairman of the United States Securities Commission, and industry representatives are expected to seek a compromise around the controversial Digital Asset Market Clarity Act.