United States Treasury Department public consultation on the Genius Act stabilization currency regulatory framework

Wu stated that it had been informed that the United States Department of the Treasury had issued a proposed rule-making circular (NPRM) for public consultation on the implementation of the Genius Act stabilization currency regulatory framework. The proposed rules will clarify what constitutes a “suspension of a fixed currency” in the United States, and in what cases is a payment of a stable currency to a person “in the United States” or to a person who sells it. According to Genius Act, since 18 January 2027, payment stability notes issued in the United States are, in principle, subject to federal or state licensing, and since 18 July 2028, digital asset service providers are, in principle, prohibited from providing or selling payment stability notes issued by non-licensors to persons in the United States. The public may submit an opinion within 60 days after the notice is published in the Federal Gazette。