[U.S. Treasury Seeks Public Comments on GENIUS Act Stablecoin Implementation Rules] On August 17, the U.S. Treasury issued a notice of proposed rulemaking for the implementation details of the GENIUS Act and sought public comments on the regulatory framework for payment stablecoins in the United States. The draft specifies the applicable standards for issuing payment stablecoins in the U.S. and providing or selling payment stablecoins to individuals within the U.S. Starting January 18, 2027, issuing payment stablecoins in the U.S. will generally require federal or state-level licensing; starting July 18, 2028, digital asset service providers will generally be prohibited from providing or selling payment stablecoins issued by unlicensed issuers to individuals within the U.S. The public comment period will last for 60 days following publication in the Federal Register.