30 Days
Post-Enactment
Signed Law
U.S. Treasury
Public comment on innovative methods that regulated financial institutions use (or could use) to detect illicit activities § 9(a)
Federal Register Notice
Proposed Rules
Guiding and Establishing National Innovation for U.S. Stablecoins Act Implementation [Updated: comments due 11-4-25]
For more details
Comment Docket Details
1 Year Post-Enactment
Rule Proposal & Implementation
U.S. Treasury
Issuance and treatment of payment stablecoins § 3(d)
Principles for determining if state-level regulatory regime is “substantially similar” to federal framework § 4(c)(2)
Criteria that a noncompliant foreign issuer must meet for U.S. Treasury to determine that foreign PSI is no longer compliant with AML protection. § 8(b)(3)(B)
After public comment, conduct research and consider specific research factors described in Act + risk assessment.§ 9(b)
Rulemaking regarding determination of whether a foreign country has a “comparable” regulatory and supervisory regime. § 18(b)(6)
Federal Payment Stablecoin Regulators
Tailored capital, liquidity, and risk management requirements. § 4(a)(4)(A)
Carry out issuance requirements, including to establish conditions, and prevent evasion thereof § 4(h)(1)
Carry out approval of issuer process, including process & framework for licensing, regulation (may not exceed section 4 requirements), examination, and supervision. § 5(a)(1), (2); § 5(g); cross reference to examinations in § 6(a)(3)
Stablecoin Certification Review Committee
Issue interpretive rule clarifying non-financial services public companies and issuance of stablecoins. § 4(a)(12)(D)
Federal Banking Agencies
Modifications to existing capital standards to comply with leverage capital requirements or risk-based capital requirements. § 4(a)(4)(C)
State Payment Stablecoin Regulators
Tailored capital, liquidity, and risk management requirements. § 4(a)(4)
Review of state’s own regimes according to U.S. Treasury principles to determine need for any cooperative agreements to implement § 7(f) (impacts on host state law) § 4(c)(3)
Board
Define “unusual and exigent circumstances” in which the Board can take an enforcement action against a state issuer or institution-affiliated party of issuer for violation of Act § 7(e)(1)(B)
FinCEN
Guidance on BSA & sanctions (core principles; issuers are financial institutions for BSA). § 4(a)(5)(B).
Rule Proposal & Implementation
OCC
Set forth “unusual and exigent circumstances” in which the OCC can take an enforcement action against a nonbank state regulated issuer. § 7(e)(2)(B)
Rules relating to standards for approving registration requests and process for appealing any denials. § 18(c)(1)(E)
1 Year Post- Enactment
