U.S. Treasury Department launches work to transform the GENIUS Act into stablecoin regulation

According to BlockBeats, on September 19, according to CoinDesk, the U.S. Treasury Department has officially launched the work to transform the GENIUS Act into a stablecoin regulatory regulation. Currently, the public can comment on preliminary rule-making steps in the short term to collect information and provide reference for more complete subsequent proposals. The GENIUS Act involves many federal agencies, and the Ministry of Finance needs to deal with many issues such as sanctions, illegal finance, taxation and issuer constraints.