US Treasury takes the next step in making the Genius Act in Stablecoin Regulations
The US Treasury Department is pushing forward using a narrow comment window In the initial, formal efforts to strengthen the recently established Stablecoin law in a set of regulations.
The arm of this administration by President Donald Trump opened what was known as an “advance notice of proposed decision -making” on Friday, which was an early step taken to gather information to be used to put together an actual proposal. In this case, the government is Asking data In developing its requirements under the guidance and establishment of national innovation for the US Stablecoins Act (Genius) The law, including restrictions on those who give, penalties, compliance with anti-money laundering, the balance between state and federal administration, tax matters and any further need from the industry for clarity.
The one-month period is open where the public-and crypto businesses-can be weighed on these complex issues before it closes on October 20. The notice is posted for dozens of questions, such as, “Further clarity is required about which properties are required, or should, be held in caution?” And “Are there foreign payments of Stablecoin regulation or administration regime, or development regimes, can this be compared to the regime established under the Genius Act?”
The role of the Treasury Department in genius is different, including the requirements to meet compliance with penalties, tax treatments and how foreign jurisdictions can interact with US regulations. Action on Friday is meant to be formed in a Less formal effort revealed last month To start gathering inputs on how to best see prohibited crypto activity.
The Genius Act is the first US Crypto Crypto law to be law, and it has marked a major win for the industry, which has now changed its focus to a greater legislative effort to promote policies for the broader industry. The market structure bill is a Focus of lawmakers from both parties to the Senate.
Republicans in Congress and above financial regulators are trying to speed up in advance to meet orders from President Trump to promote friendly crypto regulations that will help the US become a global hub for the sector.
Also on Friday, JP Morgan said in a research note That the general crypto market needs to be expanded significantly for continuous growth in the stablecoin sector, or new stablecoins may begin to ceninibalizing each other.
Read more: US Department of Treasury begins
