Treasury Seeks Feedback on GENIUS Act to Regulate Stablecoins Safely
Published Date: 9/19/2025
Proposed Rule
Summary
The Treasury is asking for public feedback on new rules to make U.S. stablecoins safer and more innovative. These changes will affect companies that create and manage stablecoins, aiming to protect consumers and prevent illegal activities. The process is just starting, so everyone has a chance to share their thoughts before any official rules are set.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 1 costs, 3 mixed.
BSA/AML and Sanctions Rules for Stablecoins
The Treasury is considering rules that would apply Bank Secrecy Act anti-money-laundering (BSA/AML) and sanctions obligations to companies that create or manage U.S. payment stablecoins. If adopted, these rules would require stablecoin issuers and managers to follow AML and sanctions requirements when operating.
Possible Limits on Issuance and Marketing
Treasury is asking whether to prohibit certain stablecoin issuances and restrict marketing of stablecoins. Such prohibitions would directly affect companies that issue or promote stablecoins and could change what products are offered to consumers.
Tax Treatment of Stablecoins Under Review
The Treasury is seeking comment on tax issues related to U.S. payment stablecoins. Changes to how stablecoins are taxed could affect people and businesses that hold or use stablecoins for payments or investment.
State vs Federal Oversight Questions
Treasury is requesting comment on how federal oversight of stablecoins should be balanced with state-level oversight. Changes could alter which regulators oversee stablecoin issuers and how oversight is split between federal and state authorities.
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