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The US Treasury Department has unveiled draft legislative changes that will significantly impact the issuance and circulation of stablecoins in the domestic market. These amendments extend the GENIUS Act, which was passed last summer. The department now intends to introduce mandatory licensing for all companies issuing digital assets pegged to fiat currencies if they interact with US residents or conduct operations on US exchanges. Starting January 18, 2027, no issuer will be able to legally issue stablecoins without permission from federal or state authorities.

However, the developers have taken into account the possibility for foreign issuers to target American audiences. Cryptocurrency platforms will be allowed to offer stablecoins issued outside the US, subject to strict compliance with US laws and intergovernmental agreements. This means access to the most lucrative market will remain open, but in exchange, full compliance with US regulations will be required.

The most stringent restrictions will come into effect later. Effective July 18, 2028, the Treasury Department plans to completely ban cryptocurrency exchanges and exchange services from offering stablecoins from issuers without a valid US Treasury license to US users. This will purge the market of opaque projects by the end of the decade, leaving investors with only officially verified assets. Treasury Secretary Scott Bessent stated that these changes are aimed at strengthening the dollar's position as the global reserve currency in the face of competition from digital currencies.

The project is currently undergoing a 60-day public comment period. After that, it will be submitted to Congress. Meanwhile, another bill, CLARITY, concerning legal certainty in the crypto industry, has stalled in parliament. Its consideration has been postponed due to ongoing consultations with the presidential administration.

This situation creates a double uncertainty: the Ministry of Finance is setting specific deadlines for tightening regulations for stablecoins, while key legislation for the entire industry is delayed due to disagreements. Market participants must prepare for new requirements but have no clear understanding of the future legal framework. Some analysts believe issuers may migrate to jurisdictions with more lenient regulations, but leaving the US market for many means losing their core client base, so most will likely seek to adapt to the new conditions.