U.S. Treasury Department proposes GENIUS Act stablecoin rule

U.S. Treasury proposes rules to implement GENIUS Act stablecoin regulation

The U.S. Treasury Department released a Notice of Proposed Rulemaking to implement the GENIUS Act, defining requirements for stablecoin issuers and exchanges, including federal licensing for payment stablecoin businesses and criminal penalties up to $1 million and five years in prison. The proposal opens a 60-day public comment period.