U.S. Treasury Department to convert GENIUS Act into stablecoin regulation

The U.S. Treasury Department has launched a one-month comment period, which ends on October 20, aims to collect public and industry opinions on the implementation of the GENIUS Act and seek feedback on stablecoin issuer requirements, sanctions compliance, anti-money laundering rules, and federal and state regulatory balance. The notice contains dozens of questions about comparisons of reserve custody and international regulation. Previously, the United States had made informal efforts to resolve the problem of detecting illegal cryptocurrency activities last month. The GENIUS Act is the first important cryptocurrency law in the United States and part of a broader legislative initiative, including a market structure bill that is being discussed on both sides. The regulator’s goal is to create regulatory regulations that benefit cryptocurrencies under Trump’s orders.