According to CoinMeta, Wu said that the U.S. Treasury Department has issued a proposed rule-making notice ( NPRM ) to solicit public comments on the detailed implementation rules for the regulatory framework for Genius Act stablecoins. The proposed rules will clarify what constitutes “issuing payment stablecoins in the United States” and under what circumstances it is considered providing or selling payment stablecoins to persons within the United States. Under Genius Act, starting from January 18, 2027, issuing payment stablecoins in the U.S. will generally require federal or state-level permission. Starting from July 18, 2028, digital asset service providers will not be allowed to provide or sell payment stablecoins issued by unlicensed issuers to persons within the United States. The public can submit their comments within 60 days after the notice is published in the Federal Register.