Quick answer: Two of the biggest pieces of US crypto rulemaking are about to close their public comment windows. Treasury’s GENIUS Act proposal on who may issue and sell payment stablecoins takes comments until October 19, 2026. The SEC’s “Regulation Crypto Assets” proposal, which would create crypto fundraising exemptions and a safe harbor, takes comments until October 20, 2026. Anyone can file a comment, including ordinary holders. After that, the agencies still have to read the record, rewrite, and vote on final rules. The SEC now has just two commissioners to do that.
Most coverage has focused on what the proposals say. This piece is about the calendar instead, because the next three weeks decide which parts of these drafts survive.
The two deadlines at a glance
Here’s the short version, using the Federal Register notices and agency documents.
- Treasury (GENIUS Act, Section 3 rules): proposed August 17, 2026, published in the Federal Register on August 18, comments due October 19. Docket TREAS-DO-2026-0496 on regulations.gov.
- SEC (Regulation Crypto Assets): proposed August 18, 2026, published August 21, comments due October 20. File number S7-2026-27.
We’ve already covered what each proposal contains in our GENIUS Act rules explainer and our Regulation Crypto Assets breakdown. Think of this article as the “what happens at the finish line” companion.
What Treasury is asking the public about
Treasury’s proposal implements Section 3 of the GENIUS Act, the part that limits who can issue, offer and sell payment stablecoins in the US. According to the Federal Register notice, only permitted payment stablecoin issuers and qualifying foreign issuers could issue them domestically. Digital asset service providers would face limits on which stablecoins they can offer to US persons.
The foreign-issuer piece is where lawyers are paying closest attention. Law firm Freshfields describes the proposal as taking a permissive reading that lets foreign issuers participate if they meet the Act’s requirements. But that depends on Treasury finding that the issuer’s home country has a “comparable regulatory regime,” and Freshfields notes the rule setting out how that determination works hasn’t been proposed yet. In its words, that creates uncertainty in the interim. For a crypto exchange deciding which stablecoins to list, that’s a real planning headache.
The dates matter too. Treasury’s press release and Freshfields both point to January 18, 2027 as the GENIUS Act’s effective date, and July 18, 2028 as the date when service providers must stop offering stablecoins from non-qualifying issuers. Treasury’s own quote on the proposal was short: it “welcomes input from stakeholders as we work to provide the regulatory certainty businesses need to innovate and grow in America.”
What the SEC is asking about
The SEC proposal would work in two parts. First, a safe harbor: an issuer could file a transition report (Form TR) to say an investment contract tied to a crypto asset has ended, once it has completed, or permanently stopped, the “essential managerial efforts” it promised. Second, new exemptions from registration. Per WilmerHale and White & Case, the proposal includes:
- A startup exemption of up to $5 million over four years.
- A fundraising exemption with two tiers: up to $20 million and up to $75 million per 12-month period, with audited financials needed at the higher tier.
- Preemption of state registration requirements for covered offerings and certain secondary-market trades while the issuer stays current on disclosures.
The SEC didn’t present this as settled. Both law firms flag the questions the agency put to the public: whether the “one-time use” limit on the startup exemption is too tight, how the four-year certification should work, whether “token shelf” or at-the-market offerings should be allowed, and how to treat SAFTs and token warrants. Forkast, citing the notice, counts more than 150 discrete requests for comment. That’s a lot of open doors.
Why the SEC calendar just got harder
Here’s the wrinkle. Commissioner Hester Peirce, the agency’s most visible crypto advocate and a key figure behind this rulemaking, left on October 2, 2026. We covered the exit in our report on Peirce leaving the SEC. CoinDesk and Forkast both report that two commissioners remain, Chairman Paul Atkins and Commissioner Mark Uyeda, both Republicans.
Can a two-member SEC still act? According to Forkast, SEC rules say that when fewer than three commissioners are in office, a quorum is the number of members in office. So yes, it can. The trade-off is that both have to agree. Forkast’s phrase is “consensus or paralysis.” Neither source reported a nominee for the vacant seats as of their publication, and Forkast says confirmations typically take six to twelve months.
Is that bad for the rule? Not necessarily. Two commissioners who already support the framework may move faster than five would. But a smaller commission also has less internal debate, and a final rule written by two people can be easier to challenge later. Reasonable people disagree on how much that matters. White & Case, as cited by Forkast, doesn’t expect final rules before the first quarter of 2027 at the earliest.
Where the bigger Washington story stands
These agency rules are moving partly because Congress hasn’t. The Senate’s September 15 cloture vote on the CLARITY Act market-structure bill came up short, 49 to 50 according to our CLARITY Act vote report. That leaves regulators to fill gaps through rulemaking, which is faster but easier for a future administration to reverse than a statute. A law and a rule aren’t the same kind of protection, and that’s worth remembering when headlines say “regulatory clarity.”
A realistic scenario: the holder who thinks it doesn’t concern them
Picture a long-term XRP holder who’s never read a Federal Register notice. They see a headline about “safe harbors” and shrug. Then a token they hold has its status questioned, or an exchange delists a stablecoin they use for transfers because of the foreign-issuer rules. The abstract rule suddenly decides what’s tradable, where, and with which disclosures.
You don’t need to be a lawyer to comment. A short, specific note about how a rule would change how you use crypto is the sort of real-world input agencies say they want. Be factual, cite the part of the proposal you mean, and keep it brief. Comments on regulations.gov are publicly viewable, per Treasury, so don’t include personal details you wouldn’t want public.
How to file a comment
- Treasury: submit through regulations.gov under docket TREAS-DO-2026-0496, or by mail to the Office of General Counsel, 1500 Pennsylvania Avenue NW, Washington, DC 20220.
- SEC: use the online form at sec.gov/comments/s7-2026-27/regulation-crypto-assets, email rule-comments@sec.gov with File Number S7-2026-27 in the subject line, or mail the Secretary at 100 F Street NE, Washington, DC 20549-1090.
What to watch after October 20
- The comment record. Which industry groups, state regulators and investor advocates weigh in, and whether the state-preemption piece draws pushback.
- Any SEC nominations. A nominee would signal how the commission plans to be rebuilt.
- The foreign-issuer comparability rule. Treasury hasn’t proposed it yet, so watch for a follow-up notice.
- OCC timing. One law-firm tracker (Paul Hastings) lists an OCC final stablecoin rule for November 2026 and application processing from January 2027. We couldn’t confirm that against an OCC document, so treat the dates as provisional.
- Senate activity. Whether market-structure talks restart when senators return from recess is unclear, and we haven’t seen a confirmed schedule.
FAQ
Can anyone submit a comment on the SEC or Treasury proposals?
Yes. Both agencies accept comments from the public, not just from companies or lawyers. The SEC takes submissions through its web form, email or mail, and Treasury uses regulations.gov or mail.
When do the comment periods end?
Treasury’s GENIUS Act proposal closes October 19, 2026. The SEC’s Regulation Crypto Assets proposal closes October 20, 2026.
Does the SEC still function with only two commissioners?
Per reporting on SEC quorum rules, yes: with fewer than three commissioners, a quorum is the number in office. But both must agree for anything to pass.
Are the proposals final rules?
No. They’re proposals. Agencies can change, narrow or drop provisions after reviewing comments. White & Case doesn’t expect final SEC rules before the first quarter of 2027 at the earliest.
Will these rules change what I can buy?
Possibly, mostly at the edges. The Treasury proposal could affect which stablecoins US platforms may offer, particularly foreign-issued ones, once the GENIUS Act’s restrictions apply. The SEC proposal is aimed at how projects raise money and when a token stops being tied to an investment contract.
Key Takeaways
- Treasury’s stablecoin proposal closes for comment October 19, 2026; the SEC’s Regulation Crypto Assets closes October 20.
- Both are proposals, not final rules, and both leave significant questions open.
- The SEC has two commissioners after Peirce’s October 2 exit, so every vote needs both to agree.
- Treasury’s foreign-issuer path depends on a comparability rule that hasn’t been proposed yet, per Freshfields.
- Final SEC rules aren’t expected before Q1 2027 at the earliest, per White & Case.
Sources
- Federal Register: Regulation Crypto Assets (SEC)
- Federal Register: GENIUS Act Regulations on Payment Stablecoin Issuance, Offer, and Sale (Treasury)
- U.S. Treasury press release on GENIUS Act proposed rulemaking
- Freshfields: Treasury Proposes GENIUS Act Gatekeeping Rules
- WilmerHale: A Step Towards Clarity
- White & Case: SEC Proposes Regulation Crypto Assets
- Forkast: Peirce Leaves the SEC With the Comment Period Still Open
- CoinDesk: Hester Peirce to depart
- Paul Hastings Crypto Policy Tracker (August 24, 2026)
Disclaimer: This article is for information and education only. It isn’t financial, legal or tax advice. Regulatory proposals can change before they become final. Do your own research (DYOR) and consult a qualified professional before making decisions.