News, data and analysis on tokenized assets, market design and digital economic systems.
Established by the first session of Congress in 1789, the executive department that issues government securities and, under the GENIUS Act, writes the rules governing permitted payment stablecoin issuers.
The executive department established by the first session of Congress in 1789, responsible for federal revenue, the issuance of government securities through the Bureau of the Fiscal Service, and, under the GENIUS Act, for the rules governing permitted payment stablecoin issuers. On 3 April 2026 it proposed principles for judging whether a state regime is 'substantially similar' to the federal framework, the test that decides whether an issuer with less than $10bn outstanding may remain under state supervision, subject to a unanimous determination by the Stablecoin Certification Review Committee. On 8 April 2026 its Financial Crimes Enforcement Network and Office of Foreign Assets Control jointly proposed treating permitted issuers as financial institutions under the Bank Secrecy Act, with anti-money-laundering and sanctions programme obligations; the department therefore both supplies the reserve assets these tokens hold and sets the conditions on holding them.
Developments in which United States Department of the Treasury is a named party, newest first.
The Office of the Comptroller of the Currency published a proposed rule on 25 February 2026 implementing the GENIUS Act, consolidating reserve, redemption, audit and supervision requirements for payment stablecoin issuers in a new 12 CFR Part 15. The Treasury…
The Office of the Comptroller of the Currency published a proposed rule implementing the GENIUS Act, codifying most requirements in a new 12 CFR Part 15 and amending Parts 3, 6, 8 and 19. The proposal covers permitted activities, reserve assets, redemption, risk management, audits, reports and supervision for permitted payment stablecoin issuers, and applies to national banks, federal savings associations, federal branches and agencies, foreign issuers and non-bank applicants for federal issuer approval.
The Department of the Treasury issued an advance notice of proposed rulemaking on implementing the GENIUS Act, with comments due by 20 October 2025. It sought input on issuance, reserve and marketing rules for stablecoin issuers and service providers, illicit finance controls, the treatment of foreign payment stablecoin issuers, taxation, insurance and cost and benefit estimates.
The President's Working Group on Financial Markets, with the FDIC and the OCC, recommended that Congress require stablecoin issuers to be insured depository institutions, subject custodial wallet providers to federal oversight, limit issuers' affiliation with commercial entities and promote interoperability between stablecoins. Treasury Secretary Janet Yellen said existing oversight was inconsistent and fragmented, and agencies committed to acting within current authority while legislation was pending.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
No tracking pixels. Unsubscribe in one click. We do not sell or share the list.