A U.S. proposal published on April 8, 2026 would bar digital asset service providers from offering foreign-issued payment stablecoins unless their issuers satisfy new federal compliance standards, marking a major step in Washington's effort to bring the sector under bank-style oversight. Under the draft rule from FinCEN (U.S. financial crimes watchdog) and OFAC (U.S. sanctions enforcement agency), permitted payment stablecoin issuers would be treated as financial institutions under the Bank Secrecy Act, subjecting them to customer due diligence, suspicious activity reporting and broader anti-money laundering obligations. Foreign issuers would also need to register with the OCC and hold reserves in U.S. institutions, or U.S.-based exchanges and platforms would be prohibited from listing their tokens when the restrictions take full effect on January 18, 2027. The comment period runs through June 9, 2026. The proposal serves as the enforcement arm of the GENIUS Act, signed on July 18, 2025, which created the first comprehensive federal framework for payment stablecoins after years of fragmented state rules and informal federal guidance. The draft does not name any specific token or issuer, but it could favor U.S.-domiciled issuers already operating under domestic oversight while increasing compliance, legal and reserve-management demands for offshore competitors and the platforms that list them.