U.S. Treasury Department launches GENIUS Act to formulate stablecoin regulatory rules

PANews September 19th news, according to CoinDesk, the U.S. Treasury Department officially launched the process to convert the GENIUS Act into stablecoin regulatory rules and opened a one-month solicitation of public comments. The proposed rulemaking issuance, covering issues such as issuer restrictions, sanctions compliance, anti-money laundering, tax treatment and federal and state regulatory coordination. The Ministry of Finance requires the industry and the public to provide feedback on specific issues such as reserve asset custody and overseas payment stablecoin supervision. The GENIUS Act is the first U.S. crypto legislation, which will promote a broader process of industry regulatory legislation in the future.