Crypto
Treasury wrote the teller window. Clarity is a Sep 15 cloture test.
The live fight is who may mint, list, and cash out a payment stablecoin in the United States, not where BTC printed last week. Treasury issued a Section 3 NPRM Aug 17 (Federal Register Aug 18, TREAS-DO-2026-0496). Beginning the expected Jan 18 2027 effective date, issuing in the US generally requires a permitted-issuer license; from Jul 18 2028, DASPs may offer or sell to a person in the US only tokens from licensed issuers. Comments close Oct 19. Issuer-paid interest is already barred; exchange
Federal RegisterGENIUS Act Regulations on Payment Stablecoin Issuance, Offer, and SaleNPRM published Aug 18. Docket TREAS-DO-2026-0496. Comments due Oct 19. This is the teller window: who may issue in the US, and which tokens a DASP may offer after 2028. Not a ticker.Read original Treasury Just Drew a Line Around Digital Dollars — Who Gets to Control Them?
Open originalWalkthrough of the filing: unlawful issuance can mean up to $1 million and up to 5 years. Frames safer money versus a small group of licensed giants. The comment section is the concentration argument, not a green candle.
FreshfieldsTreasury Proposes GENIUS Act Gatekeeping Rules with a Path for Foreign IssuersLawyer clothes on the same pages: definitions plus a DASP safe harbor if you reasonably believe the buyer is offshore, run policies to stay that way, and do not advertise at US persons. Warns the qualifying-foreign-issuer on-ramp may not exist on Jan 18 2027.Read original CRYPTO STABLECOIN BOMBSHELL: Clarity Act deal falling apart? Bessent on GENIUS
Open originalThe quiet part: it looks like we are getting yield on stablecoins, but not the way most of you want it. The statute bars issuer-paid interest. Intermediary yield is the leftover fight sitting on top of GENIUS. Not a price call.
PoliticoSenate vote on crypto Clarity Act delayed, difficult to get doneClarity is the still-unpassed market-structure bill (H.R. 3633). Cloture on the motion to proceed is set for Sep 15 at 2:15pm ET — a 60-vote test, not final passage. If the Senate misses, the agencies keep writing anyway.Read original OCCComptroller Gould Discusses Digital Asset Innovation, GENIUS Next StepsOCC aiming to finalize issuer licensing by November and take applications in January. Parallel to Treasury's NPRM and the SEC's Regulation Crypto Assets. Market structure is splitting into a Senate vote and a rulebook pile.Read original