The U.S. Treasury has published a draft implementing provisions of the GENIUS Act, outlining new requirements for stablecoin issuance and distribution.

Key provisions of the proposal

The proposal sets a date when principal provisions take effect: 18.01.2027. It also opens a public comment period of 60 days before finalization.

• Issuances of stablecoins to U.S. residents would be treated as formal issuance, requiring a relevant license to operate.
• Foreign issuers seeking to operate in the United States must meet applicable U.S. requirements and register with the Office of the Comptroller of the Currency (OCC).
• Foreign issuers would be required to maintain technical capabilities to freeze, seize, or destroy tokens upon lawful governmental request.
• From 01.07.2028, American crypto service providers could offer only authorized stablecoins to their users.
• Exchanges and trading venues would be prohibited from assisting users in circumventing geoblocks or IP-based access restrictions.

Process and next steps

The draft is not final; the Treasury will accept public comments over the stated 60 day window and may revise provisions before issuing a final rule.

The document frames technical controls and registration requirements as central tools for regulatory oversight, aiming to align cross-border issuance with U.S. legal standards.