The US Treasury Department has released a call for comments related to the passage of the National Innovation for US Stablecoins (Genius) Act, signed by President Donald Trump’s law in July.
In a notice on Monday, the Treasury Says “Interested individuals and organizations” can comment to the government department with “innovative or novel methods, procedures, or techniques to detect and reduce financial risks involving digital property.” Treasury officials said the call for comments on October 17 was part of the requirements under the Genius Act.
On a Monday x post, Treasury Secretary Scott Bestent Called The “Important” step for law enforcement in “(Secure) American Leadership in Digital Assets.” After receiving comments from the public, the Treasury will research the methods proposed and submit reports to the Senate Banking and House Financial Services Committee.
https://www.youtube.com/watch?v=ry9MI57PBJS
The bill to repair payment stablecoins is expected to take effect 18 months after this signed by law July 18 or 120 days after the US Treasury and Federal Reserve regulations.
The timing of the implementation has suggested that the bill, one of the first crypto -related laws passed under the Trump administration, is more likely to be used as an issue with the campaign for candidates that potentially operate on crypto policies in the 2026 midterm election.
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Among the potential uses for “forbidden activity” in which the treasury demanded the comments were money laundering along with crypto. The Genius Act also pointed out that the department sought feedback on the application programming (APIS) interfaces, AI, digital identity verification, and “use of blockchain technology and monitoring.”
Congress is moving forward with crypto bills
The passage of the Genius Act, one of the first crypto-related bills to move to Congress regulated by Republican under Trump, is one of only three pieces of law being considered.
As part of the Republican’s “Crypto Week” plan in July, the House of Representative passed the Genius Act, the Digital Asset Market Clarity (Clarity) Act and the Anti-CBDC (Central Bank Digital Currency) Surveillance State Act with Bipartisan support.
The Clarity Act and CBDC Bills are sent to the Senate, which will remain in September. The leadership of the Senate Banking Committee has suggested that it intends to prioritize the crypto market structurePassing its own version of The Clarity Act in October.
Magazine: The Genius Act reopened the door for a meta stablecoin, but would it work?
