Daily Observation of Encryption Policy: The U.S. Treasury Advances the Details of the GENIUS Act, Setting the Deadline for Stablecoin Licensing in 2027 and Offshore Bans

Accelerating Implementation: The Treasury Department Launches Rulemaking for Section 3 of the GENIUS Act

The U.S. Department of the Treasury has officially released a Notice of Proposed Rulemaking (NPRM) regarding the implementation details of Section 3 of the GENIUS Act, initiating a 60-day public comment period (starting from the date of publication in the Federal Register).

Treasury Secretary Scott Bessent has clearly stated that the GENIUS Act, jointly launched by President Trump and Congress, establishes a federal regulatory framework for the issuance of payment stablecoins. The Treasury is currently moving forward at full speed to implement specific execution rules. The core task of this NPRM is to precisely define the legal boundaries of "issuing payment stablecoins within the United States" and "providing or selling to entities within the United States," offering clear compliance guidance for financial institutions and crypto service providers applying for federal or state licenses.

Key Deadline in 2027: Full Implementation of Licensing and Offshore Access Barriers

According to the timeline established by the GENIUS Act, the global stablecoin market will undergo a two-phase compliance reshuffle:

• Phase One (starting January 18, 2027): Any entity wishing to "issue payment stablecoins" within the United States must obtain the corresponding federal or state regulatory license. At the same time, regulated digital asset service providers are generally prohibited from providing or selling offshore-issued payment stablecoins to domestic users unless the offshore issuer has the technical capability to strictly comply with U.S. lawful orders and has established a bilateral reciprocal arrangement with the United States.

• • Phase Two (starting July 18, 2028): The regulatory scope will be further tightened, and digital asset service providers will be strictly prohibited from providing or selling any payment stablecoins that are not issued by licensed issuers to users within the United States, completely blocking retail and institutional access to unlicensed stablecoins.
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U.S. Dollar Stablecoins Enter a "Highly Regulated, High Barrier" New Era

In light of the Treasury's latest legislative actions, the introduction of the GENIUS Act's rules signifies the impending end of the era where offshore stablecoins have long relied on a regulatory vacuum to penetrate the U.S. market. By linking technical enforcement capabilities (such as cooperation with judicial freezes and penetrating audits) to bilateral agreements, U.S. regulators are leveraging the country's vast financial consumer market to reshape the global settlement order of stablecoins. For compliant issuers, clear rules will accelerate the adoption of stablecoins by traditional commercial banks and institutional capital; for offshore projects that cannot meet compliance requirements, the withdrawal of liquidity from the U.S. market has become a foregone conclusion.

Source: https://bbx.com/ Crypto Concept Stock Information Database, compiled based on announcements from global listed companies and SEC/TSE disclosure documents from last weekend.