The U.S. Treasury has begun procedures to draft rules to implement the Genius Act, a stablecoin regulation law.

Cointelegraph, a blockchain media outlet, reported on Aug. 17 that the Treasury has started collecting public comments on draft regulations ahead of the law’s planned implementation date in January 2027.

The move is a follow-up step to implement the Genius Act, which was enacted into law last year. The law sets out a regulatory framework for payment stablecoins in the United States. Under the law, it takes effect on the earlier of 120 days after relevant agencies finalise the final rules, or 18 months after the law’s passage in July 2025. As a result, the implementation date is currently set for Jan. 18, 2027.

The problem is that finalising detailed rules has not been completed on the legislative timetable. The Treasury, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board (FRB) all failed to finalise the final version by the July deadline. As a result, the Genius Act is more likely to be implemented without clear guidance.

Treasury Secretary Scott Bessent (스콧 베센트) said stakeholder input is needed as the Treasury provides the regulatory clarity necessary for the innovation and growth of companies in the United States. The Treasury will take public comments for 60 days after publication in the Federal Register.

After the law takes effect, issuing payment stablecoins in the United States without a related federal or state licence will, in principle, be restricted. The Treasury has indicated that, in general, operators will no longer be able to issue "payment stablecoins" in the United States without the relevant authorisation. This is seen as a key provision that specifies entry requirements and the supervisory system for stablecoin issuers.

Rulemaking is also linked to policy cooperation talks outside the United States. At a UK-U.S. financial regulatory working group meeting held in London in July, financial authorities from the two countries discussed cooperation measures, including implementing the Genius Act. The UK is also pushing to overhaul stablecoin regulation, but some cryptocurrency industry figures have said it is lagging the United States in pace.

Against this backdrop, the United States remains on schedule for the law’s implementation, but detailed standards that the market must follow are not yet complete. As a result, attention will focus on what form the Treasury and relevant agencies will issue final rules in after collecting public comments, and how clearly they can set out issuance requirements and supervisory standards before the law takes effect.