According to CoinMeta, the U.S. Treasury Department has taken significant steps by proposing a federal definition of stablecoins, clarifying the standards and related regulations for issuing stablecoins in the United States. Treasury Secretary Scott Branson stated that the government is working to quickly establish rules in order to provide the regulatory certainty that businesses need to foster innovation and growth in the U.S. The proposal indicates that the Treasury Department wishes to treat stablecoins as a new category, although it refers to existing securities laws. The public and the stablecoin issuance industry have 60 days to submit their comments, and the Treasury Department expects to review and issue final regulations within a few months.