The comments, due by Oct. 17, will focus on “innovative methods to detect illicit activity involving digital assets,” as required by the GENIUS Act.
The US Treasury Department has issued a call for comments related to the passage of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, signed into law by President Donald Trump in July.
In a Monday notice, the Treasury said “interested individuals and organizations” could provide feedback to the government department on “innovative or novel methods, techniques, or strategies to detect and mitigate illicit finance risks involving digital assets.” Treasury officials said the call for comments by Oct. 17 was part of the requirements under the GENIUS Act.
In a Monday X post, Treasury Secretary Scott Bessent called the move “essential” for implementing the law to “[secure] American leadership in digital assets.” After receiving comments from the public, the Treasury will research the methods proposed and submit reports to the Senate Banking Committee and House Financial Services Committee.
The bill to regulate payment stablecoins is expected to go into effect 18 months after it was signed into law on July 18 or 120 days after the US Treasury and Federal Reserve finalize regulations.
The timing of the implementation suggested that the bill, one of the first crypto-related laws passed under the Trump administration, would be less likely to be used as a campaign issue for candidates potentially running on crypto policies in the 2026 midterm elections.
Related: Sherrod Brown, targeted by crypto PAC in 2024, to run for US Senate again
Among the potential uses for “illicit activity” for which Treasury requested comments was money laundering with crypto. The GENIUS Act also specified that the department seek feedback on application programming interfaces (APIs), AI, digital identity verification, and “use of blockchain technology and monitoring.”
Congress moves forward on crypto bills
The passage of the GENIUS Act, one of the first crypto-related bills to move out of the Republican-controlled Congress under Trump, was just one of three pieces of legislation under consideration.
As part of Republicans’ “crypto week” plans in July, the House of Representatives passed the GENIUS Act, the Digital Asset Market Clarity (CLARITY) Act and the Anti-CBDC [Central Bank Digital Currency] Surveillance State Act with bipartisan support.
The CLARITY Act and CBDC bills have been sent to the Senate, which will remain in recess until September. Leadership at the Senate Banking Committee has suggested it intends to prioritize crypto market structure, passing its own version of the CLARITY Act by October.
Magazine: GENIUS Act reopens the door for a Meta stablecoin, but will it work?
