The U.S. Treasury proposed anti-money laundering and sanctions rules for permitted payment stablecoin issuers under the GENIUS law. The proposal would apply to issuers that are subsidiaries of insured depository institutions or are authorized by a federal or state regulator. Federal agencies are working toward a January 2027 compliance deadline under the GENIUS Act, which also requires stablecoins to be fully backed by U.S. dollars or similarly liquid assets and imposes annual audits for certain issuers.