The U.S. Treasury Department has put out a request for comments concerning the establishment of a national innovation law for U.S. innovation—often referred to as the Genius Act—which was signed into law by President Donald Trump back in July.
According to a notice released on Monday, the Treasury is inviting feedback from “Individuals and Organizations of Interest” regarding innovative strategies to identify and reduce illegal financial risks tied to digital assets. This request for comments, which is due by October 17th, is mandated under the Genius Act.
Treasury Secretary Scott Bescent said in a post that implementing this law is “essential” for maintaining America’s leadership in the digital asset arena. After compiling public feedback, the Treasury will examine the suggested methodologies and prepare a report for both the Senate Banking Committee and the House Financial Services Committee.
https://www.youtube.com/watch?v=ry9mi57pbjs
The new regulations governing payment stablecoins are anticipated to take effect either 18 months following finalization by the U.S. Treasury and Federal Reserve or 120 days after the law’s signing.
This timing implies that the legislation—one of the initial crypto-related laws passed during the Trump administration—might not become a significant topic in the 2026 midterm elections, especially for candidates focusing on crypto policy.
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The Treasury’s request for comments includes potential issues like money laundering involving cryptocurrencies. The Genius Act also indicates that the department is seeking input on areas such as application programming interfaces (APIs), artificial intelligence, digital identity verification, and the use of blockchain technology for surveillance.
Congress Moves Forward with Crypto Legislation
The passing of the Genius Act, a key piece of legislation in the Republican-controlled Congress, is part of a broader set of laws under consideration.
As part of a “Crypto Week” initiative in July, the House passed the Genius Act along with two other bills—the Clarity in Digital Asset Market Act and the Anti-CBDC (Central Bank Digital Currency) Surveillance Law—with bipartisan support.
The Clarity Act and the CBDC legislation have now been sent to the Senate, which is on recess until September. Senate Banking Committee leadership has indicated a desire to push through their own version of the Clarity Act by October.
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