The United States Treasury Department has opened a request for public comment on the implementation of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. The GENIUS Act, signed into US law in July, was designed to provide a regulatory framework for stablecoin issuers.
This latest call for public input comes exactly a month after the Request for Comment on Innovative Methods to Detect Illicit Activity linked to payment stablecoins. At the time, the US Treasury was interested in gathering feedback on different technologies to identify and combat the risks associated with these dollar-backed digital assets.
Call For Public Comment On Stablecoin Act To Close In 30 Days
On Thursday, September 18, the US Department of the Treasury issued an Advance Notice of Proposed Rulemaking (ANPRM), calling on the public for comments on the implementation of the GENIUS Act. This request will allow a wide range of stakeholders to contribute, by offering data and other information, to the implementation of this law.
The press release read:
The GENIUS Act tasks the Treasury with issuing regulations that encourage innovation in payment stablecoins while also providing an appropriately tailored regime to protect consumers, mitigate potential illicit finance risks, and address financial stability risks.
This notice asked for comments and views on a plethora of questions, including whether extra clarity is needed on the amount of reserve assets required to be held in custody. “Are there foreign payment stablecoin regulatory or supervisory regimes, or regimes in development, that may be comparable to the regime established under the GENIUS Act?” another question posed.
Some of the other questions asked in this notice include marketing restrictions, balancing state-level and federal oversight, and the application of Bank Secrecy Act (BSA), anti-money laundering regulations, and sanctions obligations. The Treasury Department noted that the public should submit their comments in response to the ANPRM within 30 days of publication in the Federal Register.
Crypto Market Structure Bill To Undergo Vote In September
Indeed, signing the GENIUS Act into law represented a major breakthrough in regulating the crypto landscape in the United States. In its next move, the US Senate is looking to hold a vote on the crypto market structure bill, titled the Responsible Financial Innovation Act 2025, before the end of September.
The digital market structure bill is aimed at clarifying the roles of various financial agencies in the oversight and enforcement of crypto regulations. In an updated version, the Senate Banking Committee addressed the issue of blockchain developers being treated as financial institutions and non-fungible tokens (NFTs) being treated as securities.
The total crypto market cap on the daily timeframe | Source: TOTAL Chart on TradingView
Featured image from iStock, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Credit: Source link
