October 19, 2026
Today, the National Cryptocurrency Association (NCA) submitted comments to the U.S. Department of the Treasury, the federal agency that manages the nation’s finances and helps shape financial policy, on its proposed rules for payment stablecoins under the GENIUS Act, sharing data and real examples about how everyday Americans use stablecoins and what they need from the final rule.
What Treasury proposed
The GENIUS Act, signed into law in 2025, created the first federal framework for payment stablecoins, which are digital assets designed to hold a steady value, usually tied to the U.S. dollar. The Treasury is now writing the rules that will put some of the law into practice, including who can issue, offer, and sell payment stablecoins in the U.S. As part of that process, the Treasury invited public comment to help inform their rulemaking.
Why it matters
More than 67 million Americans hold crypto, and 87% don’t just own it, they use it, including to send money to family (41%) and to shop and pay (40%). Stablecoins are a big part of that everyday use, and 71% of holders say U.S. leadership in stablecoin innovation is important. How these rules are written will shape which stablecoins Americans can use, and how.
What NCA shared
NCA works to protect the best interest of all 67 million Americans who hold crypto, along with the 33 million more who are likely to buy this year, and the tens of millions of others who may be curious. NCA’s comments focus on the areas that most directly affect everyday holders:
A clear path for holders. A defined window to redeem, sell, or convert a stablecoin if its legal status changes, with clear notice before a change takes effect.
Recovering stolen funds. Making sure stolen or mistakenly sent stablecoins can be returned to victims under a lawful order.
Protections for self-custody. Confirming that peer-to-peer transfers and self-custody wallets stay outside the rule, so wallet software that lets people hold and send their own stablecoins, without holding their funds, isn’t treated as offering or selling them.
NCA also shared consumer data to help inform the Treasury’s rulemaking, and you can explore NCA’s free educational resources to learn more about stablecoins.
Read the full letter below.