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.
Senate Republicans published 635 pages on Sunday night, two days before a procedural vote that needs sixty. Four changes from the 10 September version have not been read anywhere. The ethics ban no longer expires in 2029.
Ways and Means votes on Wednesday morning on 114 pages nobody has read to the end. The wash sale rule applies to dispositions after the date of introduction, which was Monday. The $10 fee exemption waits for 2028.
A 630 page substitute amendment published four days before a cloture vote would make anyone who controls a lending or trading protocol register with the CFTC and answer to the Bank Secrecy Act.
Two years of Bank Secrecy Act filings and 33,904 reports, and the finding that matters on this beat is not the total: whatever the victim was persuaded to buy, the proceeds were nearly always turned into stablecoins, and almost exclusively into USDT.
Finance ministers and central bank governors meeting in Asheville said they would establish clear pathways for sound digital assets innovation and named three things they are waiting on the Financial Stability Board for.
The Office of Foreign Assets Control determined on 24 August that section 1(a)(i) of Executive Order 13902 now applies to the digital asset sector of the Iranian economy, so any person anywhere who operates in it may be designated.
The Treasury proposed the rules deciding who may issue a dollar stablecoin in the United States, and read the GENIUS Act to let a qualifying foreign issuer do it here directly rather than only reach the market at second hand.
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.
Lummis, Boozman and Scott released a 635 page substitute for H.R. 3633, claiming 126 changes requested by Democrats. Read against the 10 September version, the ethics sunset of noon on 20 January 2029 is gone, the developer shield no longer reaches 18 U.S.C. 1960, and the Treasury circuit-breaker on stablecoin rewards must be triggered within 18 months of enactment.
H.R. 10357 rewrites the tax treatment of digital assets across seven titles and was noticed for a vote on 16 September. Its wash sale extension applies to dispositions after the date of introduction, the par rule for licensed dollar stablecoins from 2027, and the $10 de minimis fee exception and simplified accounting election from 2028.
Senator Cynthia Lummis published a 630 page substitute amendment to H.R. 3633 ahead of a Senate vote on 15 September. It requires rules for persons who control a non-decentralized finance trading protocol to register with the CFTC and to comply with the Bank Secrecy Act, and preempts state securities and commodities law over protected developer activities.
The Treasury's Financial Crimes Enforcement Network published a Financial Trend Analysis and an alert on 3 September 2026 covering 33,904 Bank Secrecy Act reports filed from 8 September 2023 to 31 December 2025 and about $12.7bn of reported activity. Its finding for this beat is that proceeds were nearly always converted into stablecoins, almost exclusively USDT.
Finance ministers and central bank governors meeting in Asheville on 31 August and 1 September 2026 committed to frameworks that establish clear pathways for sound digital assets innovation, named three Financial Stability Board outputs they are waiting for and asked the FATF to prioritise jurisdictions with significant virtual assets use. China did not join the statement.
A one-page determination effective 24 August 2026 extends section 1(a)(i) of Executive Order 13902 to the aviation, digital asset, gold, shipping and technology sectors of the Iranian economy, so any person anywhere operating in them may be designated. The same rule suspends five general licences indefinitely, including the one authorising noncommercial personal remittances to Iran.
The Treasury issued a notice of proposed rulemaking on 17 August 2026 implementing section 3 of the GENIUS Act, published the next day at 91 FR 53368 with comments due by 19 October. It would create 12 CFR part 1523, read section 18(a) to let qualifying foreign issuers issue in the United States, and treat market making in an unlawful issuance as participation in it.
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.
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