U.S. Treasury Secretary Scott Bessent announced on X that the Treasury is moving toward the practical implementation of the GENIUS Act, which is designed to “keep America the crypto capital of the world.” The statement followed the Treasury’s official issuance of a Notice of Proposed Rulemaking (NPRM), launching the development of federal rules for payment stablecoins.

The new framework fundamentally changes the rules of the game by introducing mandatory licensing and barriers for foreign issuers.

According to Bessent, the White House and Congress have provided the industry with “clear rules of the road” that will give businesses the regulatory certainty needed to innovate and grow within the United States.

The implementation process…