Bitcoin Reclaims $64K as U.S. Treasury Unveils Landmark Stablecoin Rulebook

Bitcoin Reclaims $64K as U.S. Treasury Unveils Landmark Stablecoin Rulebook

Bitcoin Climbs Back Above $64,000 After a Bruising Week

Bitcoin is finding its footing again. After briefly slipping below $63,000 earlier this week on geopolitical jitters and softer institutional flows, BTC pushed back above the $64,000 mark on August 18, trading in the $64,400–$64,500 range. The recovery followed Monday's close at roughly $64,506, a daily gain of nearly 2.7%.

The bounce is notable given the backdrop: spot Bitcoin ETFs shed close to $390 million over the past week, their heaviest weekly outflow in roughly six weeks, and leveraged long positions were flushed out in the process. Miners have also been steady sellers through 2026. Yet none of that stopped buyers from stepping back in once price approached the low-$63,000s, and volatility has settled to its calmest levels since last September — a sign the market may be consolidating rather than breaking down.

Treasury Moves to Define America's Stablecoin Rules

The bigger story for U.S. crypto policy this week isn't a price chart — it's a rulebook. On August 17, the U.S. Treasury Department issued a formal Notice of Proposed Rulemaking implementing Section 3 of the GENIUS Act, the law that governs who is allowed to issue and sell dollar-pegged stablecoins in the United States.

The proposal, set for publication in the Federal Register on August 18 with a 60-day public comment window, spells out precisely when a stablecoin counts as "issued" in the U.S. and when a platform is considered to be "offering or selling" one to an American user — including scenarios like directly soliciting U.S. customers, advertising availability to them, or helping users route around geographic restrictions.

The stakes are real: once the GENIUS Act takes effect on January 18, 2027, issuing a payment stablecoin in the U.S. without proper federal or state authorization could carry fines up to $1 million and up to five years in prison. Foreign issuers get a narrower path — they can qualify to serve U.S. users only if they can demonstrably comply with lawful U.S. orders and any reciprocal arrangement between Washington and their home jurisdiction. A second deadline looms in July 2028, after which platforms generally won't be able to offer any stablecoin to U.S. persons unless it comes from a licensed issuer.

Treasury Secretary Scott Bessent framed the move as a balance between clarity and innovation, saying the rules are meant to give businesses regulatory certainty while reinforcing the dollar's role in global markets.

What It Means for the Market

Taken together, the two stories capture where the U.S. crypto industry stands heading into the fall: price action is stabilizing even as ETF flows wobble, while Washington is finally turning last year's stablecoin legislation into enforceable detail. For issuers like Circle and Tether, and for exchanges serving American customers, the next 60 days of public comment will shape how tightly — or loosely — the stablecoin market gets policed before the January 2027 deadline arrives. For traders, Bitcoin's ability to hold $64,000 despite outflow pressure suggests underlying demand hasn't gone anywhere, even if the rally isn't ready to break out just yet.