The US Treasury Department is inviting the public to share feedback on the recently approved Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.
The law, signed by President Donald Trump in July, sets the stage for regulating payment stablecoins across the country.
The department explained in an August 18 press release that individuals and organizations can send in suggestions until October 17. The focus is on practical ideas for reducing criminal use of digital assets.
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The call also highlights areas such as money laundering risks, the use of artificial intelligence (AI), identity verification, application programming interfaces (APIs), and monitoring methods that rely on blockchain technology.
Once comments are collected, Treasury staff will study the proposals and prepare reports for lawmakers in both the Senate Banking Committee and the House Financial Services Committee.
Treasury Secretary Scott Bessent emphasized the importance of the consultation in a post on X. He called the decision “essential” for carrying out the law and helping “secure American leadership in digital assets”.
The timeline for the law’s rollout offers two options. The rules tied to payment stablecoins will start either 18 months after the signing date of July 18 or 120 days after the Treasury and the Federal Reserve complete their regulatory guidelines, whichever comes first.
Recently, a group of major US banking associations, led by the Bank Policy Institute (BPI), asked Congress to address a gap in the GENIUS Act. What did the group say? Read the full story.
