The feedback could guide how the stablecoin legislation evolves
The US Treasury Department has formally invited the public to provide feedback on the newly enacted Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. Signed into law by President Donald Trump in July, the legislation sets the foundation for regulating payment stablecoins across the country.
In a notice released Monday, Treasury officials said individuals, businesses, and organizations are encouraged to submit comments by October 17. The department is specifically looking for suggestions on how to detect and prevent illicit finance risks tied to digital assets. This includes areas such as money laundering, the use of artificial intelligence, digital identity verification, application programming interfaces, and blockchain monitoring tools.
Treasury Secretary Scott Bessent highlighted the importance of public input, calling it vital to securing the United States’ leadership in the digital asset space. Once comments are received, the Treasury will compile its findings and report to both the Senate Banking Committee and the House Financial Services Committee.
The GENIUS Act is expected to take effect either 18 months after being signed into law or 120 days following the release of joint regulations by the Treasury and the Federal Reserve. This timeline suggests implementation will happen well before the 2026 midterm elections, limiting its immediate use as a political talking point.
The measure was one of three crypto-related bills advanced by the Republican-led Congress during what lawmakers dubbed “crypto week.” Alongside the GENIUS Act, the House passed the Digital Asset Market Clarity (CLARITY) Act and the Anti-CBDC Surveillance State Act.
Both companion bills are now in the Senate, which is currently in recess until September. Senate Banking leaders have already indicated plans to focus on crypto market structure and aim to introduce their own version of the CLARITY Act in the fall.
With the GENIUS Act now law, industry players, regulators, and the public are set to play a role in shaping how stablecoins will be monitored and integrated into the US financial system.
