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Scott Bessent leads the administration's effort to implement the GENIUS Act for payment stablecoins

The U.S. Treasury Department is moving forward with the implementation of the GENIUS Act, a federal framework designed to regulate payment stablecoins in the United States. The administration announced a Notice of Proposed Rulemaking (NPRM) on August 17, 2026, seeking public input on the proposed rules. This legislation, signed into law by President Trump in July 2025, aims to establish clear rules for stablecoin issuers while addressing consumer protection, financial stability, and illicit-finance risks. Treasury Secretary Scott Bessent stated that the administration is moving quickly to provide regulatory certainty for businesses and maintain the U.S. dollar as the world's reserve currency. The new rules define specific concepts for federal and state licensing, and allow for state-level regulation for smaller issuers. The framework also addresses the requirements for foreign issuers to operate in the U.S. market, specifying conditions under which they can be distributed without a local license based on reciprocity agreements. While the administration faces some institutional fragmentation and political deadlock in Congress, the Treasury continues to push for the U.S. to become the global cryptocurrency capital.

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