However, the proposal notes, “Treasury believes that the Act evinces a clear intent for payment stablecoins to serve as an effective means of payment and settlement, including across borders, and application of traditional investment rules to payment stablecoins may frustrate that goal.”

Monday’s action is a follow-up to the Treasury advance notice of the rule, which it issued in September of last year on what was meant to be a tight timeline. The public and the growing industry of stablecoin issuers now have 60 days to weigh in with comments, and the department will be expected to take further months to review them before issuing a final rule.

The proposed rule poses dozens of questions about the best approach to interpreting the law, each of which must be answered before the final sign-off. The industry will pay special attention to how it approaches foreign issuers, such as industry leader Tether. It set a deadline for responses in mid-October.

The law’s one-year target to have its rules implemented passed last month, without the administration meeting the requirement. The next mark is the effective date of the law, which is supposed to come by January 18. It’s unlikely that all the rules will be finalized by then, and new regulations usually come with runways allowing an industry to transition into them.