AGENCY:
Financial Crimes Enforcement Network, Office of Foreign Assets Control, Treasury.
ACTION:
Joint proposed rule.
SUMMARY:
The Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) are jointly issuing this proposed rule to implement provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). Specifically, it implements the GENIUS Act's directive to treat permitted payment stablecoin issuers (PPSIs) as financial institutions for purposes of the Bank Secrecy Act, proposes anti-money laundering obligations for PPSIs, and proposes certain specific obligations required by the GENIUS Act for PPSIs. It also implements the GENIUS Act's directive to require PPSIs to maintain effective sanctions compliance programs.
DATES:
Comments must be received by June 9, 2026.
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SUPPLEMENTARY INFORMATION:
I. Executive Summary
Payment stablecoins could revolutionize payment systems, but the U.S. financial system's strength, size, and reliability make its payment systems a notable target for misuse by illicit actors, which jeopardizes U.S. national security. To...
Notes:
1) This comment addresses the OFAC-related portion of this “Joint Proposed Rule” (“JPR”) of OFAC and FinCEN to implement the portion of the Genius Act that requires issuers of stablecoins to have sanctions compliance policies. This requirement is administered by OFAC, and there will be regulations in 31 CFR Ch. V to implement the regulations. The stablecoin-related regulations will not impose any substantive sanctions prohibitions; they only require compliance programs aimed at ensuring compliance with substantive prohibitions that OFAC does administer.
2) JURISDICTION OVER “SECONDARY MARKET” TRANSACTIONS
There are a number of notable statements in the OFAC portion of the JPR that have implications for U.S .persons other than the U.S. person stablecoin issuers. The first category of these pertains to the scope of OFAC’s regulations in the context of “secondary market transactions” by issuers of stablecoins....