The U.S. Treasury announced a request for comments on the implementation of the 'U.S. Stablecoin National Innovation Guidance and Establishment Act' (GENIUS Act), which was signed into law by former President Trump in July.
In a notification on Monday, the Treasury welcomed 'individuals and organizations from all sectors' to provide feedback on 'innovative or novel methods and technologies' to detect and mitigate risks of illicit financing in digital assets. The deadline for this comment request is October 17, which is one of the requirements of the GENIUS Act.
Treasury Secretary Scott Bansen stated in a post on Monday that this move is crucial for implementing the law to 'ensure America's leadership in the digital asset space.' After gathering public comments, the Treasury will review the proposed approaches and submit a report to the Senate Banking Committee and the House Financial Services Committee.
The bill is expected to be implemented 18 months after its enactment or 120 days after the U.S. Treasury and Federal Reserve complete rule-making, indicating that the bill will not become a campaign issue in the 2026 midterm elections.
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Potential illicit activity uses for which the Treasury is requesting input include cryptocurrency money laundering. The GENIUS Act also explicitly calls for feedback on the use and monitoring of application programming interfaces (APIs), artificial intelligence, digital identity verification, and blockchain technology.
Congress advances cryptocurrency bills.
As one of the first cryptocurrency bills advanced by the Trump administration, the GENIUS Act is one of three bills currently under consideration.
As part of the Republican 'Crypto Week' plan in July, the House passed the GENIUS Act, the Clear Digital Asset Market Act (CLARITY Act), and the Anti-Central Bank Digital Currency Monitoring National Act. These bills have bipartisan support.
The CLARITY Act and CBDC bill have been submitted to the Senate, which will reconvene in September. Senate Banking Committee leadership has indicated plans to prioritize cryptocurrency market structure and pass its own version of the CLARITY Act in October.
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