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Quan sát hàng ngày về chính sách tiền điện tử: Bộ Tài chính Hoa Kỳ nâng cao các chi tiết của "Đạo luật GENIUS" để đặt ra giới hạn cấp phép stablecoin năm 2027 và lệnh cấm ra nước ngoài

30 thg 8, 2026By chaincatcher

Accelerating implementation: the Ministry of Finance initiates the formulation of Article 3 of the "GENIUS Act"

The U.S. Department of the Treasury officially issued a Notice of Proposed Rules (NPRM) on the implementation details of Section 3 of the GENIUS Act (Genius Act), opening a 60-year period days of public comment period (counted from the date of publication in the Federal Register).

Treasury Secretary Scott Bessent made it clear that the "GENIUS" jointly launched by President Trump and Congress Act established the federal regulatory outline for payment of stable coin, và Bộ Tài chính hiện đang đẩy nhanh việc thực hiện các quy định thực hiện cụ thể. The core task of this NPRM is to accurately define the legal boundaries of "issuing payment stablecoins in the United States" and "providing or selling to entities in the United States", and providing clear compliance guidelines for financial institutions and encryption service providers to apply for federal or state-level licenses.

2027 Key deadline: Comprehensive implementation of licensing and offshore access barriers

According to "GENIUS According to the implementation schedule established by the Act, the global stablecoin market will usher in a two-stage compliance reshuffle:

  • Phase 1 (from January 18, 2027): Any entity that wants to "issue payment stablecoins" in the United States must obtain the corresponding federal or state regulatory license in accordance with the law. At the same time, in principle, regulated digital asset service providers may not provide or sell payment stablecoins issued overseas to domestic users, unless the overseas issuer has the technical ability to strictly comply with the legal orders of the United States, and its jurisdiction has reached a bilateral reciprocal arrangement with the United States.

  • Phase 2 (from July 18, 2028): The scope of supervision will be further comprehensively tightened. Digital asset service providers are strictly prohibited from providing or selling any payment stablecoins that are not issued by licensed issuers to users in the United States, completely blocking the retail and institutional channels for unlicensed stablecoins.

USD stable currency enters a new era of "strong supervision and high threshold"

Combined with the latest legislative actions of the Ministry of Finance, the introduction of the details of the "GENIUS Act" means that the long-term era of offshore stablecoins relying on regulatory vacuum to penetrate the US market is coming to an end. By linking technical execution capabilities (such as cooperating with judicial freezes and penetrating audits) to cross-border bilateral agreements, U.S. regulators are using the country's huge financial consumer market as a starting point to reshape the settlement order of global stablecoins. For compliant issuers, clear rules will accelerate the adoption of stablecoins by traditional commercial banks and institutional capital; while for offshore project parties that cannot meet compliance requirements, stripping away US market liquidity is a foregone conclusion.

Data source: https://bbx.com/Encryption concept stock information database, compiled based on global listed company announcements and SEC/TSE disclosure documents last weekend.