Regulation · What changed
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When a consultation becomes a final rule, the detail moves. We keep each version and mark what was added and what was taken out, so you read the change, not the whole document again.
US · GENIUS Act
GENIUS Act: Treasury implementing rule
Comparing Proposed rule (Spring 2026) with Final rule (30 Sep 2026) · 4 added · 3 removed
- Defines a permitted payment stablecoin issuer.
- Removed: Reserves must be held one-to-one in cash, deposits and Treasuries of 93 days or less.
- Removed: Issuers publish a reserve report every month.
- Removed: Foreign issuers need a comparable home regime, as judged by Treasury.
- Added: Reserves must be held one-to-one in cash, deposits, Treasuries of 93 days or less and qualifying repo.
- Added: Issuers publish a reserve report every month, examined by a registered accounting firm.
- Added: Foreign issuers need a comparable home regime, as judged by Treasury, and must hold US reserves for US holders.
- Issuers must be able to freeze tokens on a lawful order.
- Added: Paying interest or yield to holders is not allowed.
What this means in practice
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