US Treasury Invites Public Feedback on the Implementation of the GENIUS Act

On Thursday, the US Department of the Treasury initiated a second phase of public commentary regarding the implementation of the GENIUS Act, a law designed to regulate stablecoin transactions in the US, which was signed by former President Donald Trump.

The Treasury indicated in a Thursday announcement that while the advance notice of proposed rulemaking is not mandatory for the GENIUS Act, it seeks public input on the stablecoin legislation to enhance its efforts.

Public comments were initially opened in August, allowing until Oct. 17 for feedback regarding any illicit activities. The recent notice extends the comment period by 31 days.

“The Treasury invites insights and opinions from a diverse array of stakeholders on the [advance notice of proposed rulemaking],” reads the official statement.

The GENIUS Act was among three cryptocurrency-related measures approved by the US House of Representatives in July as part of the Republican Party’s “Crypto Week.” Trump enacted the bill into law on July 18, with various crypto company leaders, including those from Gemini, Coinbase, Circle, and Kraken, present.

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Designed to regulate payment stablecoins in the US, the GENIUS Act is set to take effect 18 months post-signing, or 120 days after the US Treasury and Federal Reserve complete regulatory frameworks. This timeframe suggests implementation might occur by late 2026.

Senate expected to discuss crypto market structure

Following the passage of the GENIUS Act in June, the US Senate is anticipated to vote on a digital asset market structure framework this month.

Wyoming Senator Cynthia Lummis, a prominent member of the Senate Banking Committee advocating for a market structure, noted that the committee aims to vote on the bill by the end of September, with potential enactment by 2026.