US Treasury proposes COINS Act rules on outbound investment in AI, chips, supercomputing and more

Why it matters

【Key points】

On 22 Oct 2026 (21:00 UTC; 05:00 CST 23 Oct), US Treasury issued an NPRM implementing the COINS Act from the FY2026 NDAA, updating the Outbound Investment Security Program (OISP).

1. US persons must notify Treasury of certain deals with covered foreign persons in notifiable technologies, and are barred from other deals in prohibited technologies. Five statutory sectors: semiconductors/microelectronics, AI systems, quantum information, HPC/supercomputing, hypersonics; Treasury may add more. This NPRM adds biotechnology.

2. Draft also covers controlled foreign entities, excepted transactions, technical specs (including “super intelligence systems”), notification contents, non-binding feedback, due-diligence knowledge standard, and penalties. Comments via regulations.gov; a later final rule sets the effective date.

3. Primary: https://home.treasury.gov/news/press-releases/sb0667 ; hub: https://home.treasury.gov/policy-issues/international/outbound-investment-program .

【Verifiable】

Treasury press release (datetime=2026-10-22T21:00:00Z): https://home.treasury.gov/news/press-releases/sb0667

Program hub: https://home.treasury.gov/policy-issues/international/outbound-investment-program

Techmeme/AP: rules to tighten US outbound investment into AI and supercomputing in China, Russia, and other countries of concern.

【Our read】

1. Not another entity list—this turns outbound US capital rules into statute-backed detail. Versus EO-era OISP, COINS hard-codes AI, chips, and supercomputing into prohibit/notify buckets and adds biotech: broader and more predictable.

2. Next to e/986 PAIPA sanctions on MiraclePlus/Zhisuan (post-hoc investor naming), this NPRM is ex-ante rulemaking. Together they raise compliance costs for dollar LPs and cross-border AI/chip deals structurally.

3. Impact hinges on final parameters for “AI / super intelligence systems,” exceptions, and effective date—track the Federal Register final rule, not only the press release.