The United States Treasury is seeking public input regarding the newly enacted “Guiding and Establishing National Innovation for US Stablecoins Act,” known as the GENIUS Act.
This legislation, which received President Trump’s signature in July, establishes a framework for the regulation of payment-linked stablecoins across the nation.
According to an announcement released on August 18th by the Treasury Department, individuals and organizations are invited to submit their comments and recommendations until October 17th. The primary focus is on developing actionable strategies to curb the illicit use of digital currencies.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
Bullish vs Bearish Markets: How to Predict it? (Animated)
The request for suggestions identifies key areas of interest, including risks related to money laundering, the integration of artificial intelligence (AI), identity verification protocols, the use of application programming interfaces (APIs), and blockchain-based monitoring techniques.
Following the collection of feedback, Treasury personnel will analyze the submitted proposals and compile reports for members of the Senate Banking Committee and the House Financial Services Committee.
In a statement shared on X, Treasury Secretary Scott Bessent underscored the importance of this public consultation. He described it as “crucial” for effectively implementing the legislation and contributing to “American leadership in the realm of digital assets”.
The implementation schedule for the GENIUS Act provides two potential timelines. The regulations concerning payment stablecoins will take effect either 18 months after the law’s enactment on July 18th, or 120 days after the Treasury and Federal Reserve finalize their regulatory guidelines, depending on which occurs sooner.
Recently, prominent U.S. banking organizations, spearheaded by the Bank Policy Institute (BPI), have urged Congress to address a perceived deficiency within the GENIUS Act. Want to know more about what they said? Discover the complete details.