"The U.S. Department of the Treasury issued a Notice of Proposed Rulemaking (NPRM), seeking public comment related to Treasury’s implementation of section 3 of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This NPRM sets forth Treasury’s proposed framework for implementing these requirements. By defining what it means to “issue a payment stablecoin in the United States,” the proposed rule would provide clarity to industry regarding when an issuer needs to obtain a GENIUS license."