US Treasury Opens Public Comments on Genius Act Implementation
The US Ministry of Finance has initiated a second phase of public comments on the implementation of the Genius Act, aimed at regulating StableCoin payments in the United States. The legislation, signed into law by US President Donald Trump, marks a significant step towards establishing a framework for stablecoin regulation in the country. 
The Ministry of Finance announced that, although not obligatory, the public is invited to comment on the StableCoin Act, which will build upon the work already done. The comment period, which opened in August, allows the public to submit concerns or feedback related to illegal activities until October 17th. A 31-day window for comments has been provided, starting from the Thursday notification. The Ministry of Finance welcomes comments and views from a variety of stakeholders on the proposed regulation, as stated in the explanation.
Background and Expected Implementation
The Genius Act is one of three cryptocurrency laws related to the US House of Representatives in July as part of the “Crypto Week” plans of the Republican legislators. Trump signed the law on July 18, surrounded by several managers of crypto companies, including Gemini, Coinbase, Circle, and Kraken. The law is intended to regulate the payment of stable coins in the USA and is expected to come into force 18 months after the signing of the law or 120 days after the rules of the US finance and Federal Reserve. The timeline will probably present the implementation at the earliest at the end of 2026.
The institutional demand is growing with new crypto state bonds and SEC reforms, redefining the finance landscape. As the US Senate is expected to vote on a framework for the market structure of digital assets this month, the crypto market is poised for significant changes. According to Senator Cynthia Lummis from Wyoming, a top legislator of the Senate Bank Committee, the committee is expected to vote on the draft law at the end of September, which may be signed into law by 2026.
Market Structure and Regulatory Framework
The market structure calculation, entitled “The Responsible Financial Innovation Act,” would likely clarify the role of the US financing authorities in monitoring and enforcing crypto regulations. Members of Congress, including Lummis, met this week with managers of crypto companies in three separate Roundtable discussions to discuss the market structure and the Bitcoin (BTC) spot market. The legislation aims to provide a comprehensive framework for the crypto market, addressing concerns and providing clarity on regulatory oversight.
For more information on the US Treasury’s public comments on the Genius Act implementation, visit https://cointelegraph.com/news/united-states-treasury-public-comments-genius-stablecoins?utm_source=rss_feed&utm_medium=rss_tag_regulation&utm_campaign=rss_partner_inbound
