US Treasury Secretary Scott Bessent announced that the Treasury is implementing the GENIUS Act to keep America the crypto capital of the world. The Treasury issued a Notice of Proposed Rulemaking establishing a federal framework for payment stablecoins, with mandatory licensing requirements and barriers for foreign issuers. The process includes a 60-day public comment period, and full government oversight is scheduled for 2027-2028. Bessent emphasized that this initiative aims to protect the domestic market and cement the US dollar as the world’s reserve currency, amid a stalemate in Congress regarding another major digital asset bill.
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