The US Department of the Treasury on Thursday opened a second period of public comment on the implementation of the GENIUS Act, legislation aimed at regulating stablecoin payments in the US that was signed into law by US President Donald Trump.
In a Thursday notice, the Treasury said that, though the advance notice of proposed rulemaking was not required to implement the GENIUS Act, it invited the public to comment on the stablecoin law, saying it would build upon its work.
The Treasury officially opened up comment in August, giving the public until Oct. 17 to submit concerns or feedback related to illicit activity. The Thursday notice provides a 31-day window for comments.
“Treasury welcomes comments and views from a wide range of stakeholders on the [advance notice of proposed rulemaking],” the statement reads.
The GENIUS Act was one of three cryptocurrency-related bills passed by the US House of Representatives in July as part of Republican lawmakers’ “Crypto Week” plans. Trump signed the bill into law on July 18, surrounded by several executives from crypto companies, including Gemini, Coinbase, Circle and Kraken.
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Aimed at regulating payment stablecoins in the US, the GENIUS Act is expected to go into effect 18 months after it was signed into law, or 120 days after the US Treasury and Federal Reserve finalize regulations. The timeline likely puts implementation in late 2026 at the earliest.
Senate slated to address crypto market structure
In one of its first legislative moves on crypto bills since passing the GENIUS Act in June, the US Senate is expected to take up a vote on a digital asset market structure framework this month.
According to Wyoming Senator Cynthia Lummis, a top lawmaker on the Senate Banking Committee and one of the figures pushing for market structure, the committee is expected to vote on the bill by the end of September, potentially being signed into law by 2026.
The market structure bill, tentatively titled the Responsible Financial Innovation Act, would likely clarify the roles US financial agencies would have in overseeing and enforcing crypto regulations.
Members of Congress, including Lummis, met with executives from crypto companies in three separate roundtable discussions this week to consider the market structure and Bitcoin (BTC) reserve bills.
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