US Treasury invites additional feedback on Genius Act implementation

US Treasury Opens Comments on Genius Act Implementation

This Thursday, the US Treasury Department kicked off a public comment period regarding the Genius Act, which aims to regulate certain payments within the country. This legislation was signed into law by former President Donald Trump.

The notice issued by the Treasury mentioned that while the advance notice for proposed rulemaking wasn’t strictly necessary for the act’s implementation, it would still be built upon existing work. The public is encouraged to share their thoughts on the Stubcoin Act, as outlined in the notice.

Public comments have been collected since August, allowing individuals to voice concerns related to illegal activities until October 17th. The recent announcement grants a 31-day window for additional feedback.

“The Ministry of Finance is eager to hear from a diverse array of stakeholders,” the statement read.

The Genius Act is one of three bills concerning cryptocurrency that the U.S. House of Representatives passed in July, part of a designated “crypto week” by Republican lawmakers. Trump signed the bill into law on July 18th, with executives from notable crypto companies like Gemini, Coinbase, Circle, and Kraken present.

The legislation, designed to ensure payment stability in the US, is expected to take effect either 18 months after its signing or 120 days following the finalization of regulations by the US Treasury and the Federal Reserve. If everything goes as planned, it might be implemented as soon as the latter half of 2026.

Senate Plans to Address Crypto Market Structure

As part of a legislative push concerning cryptocurrency following the Genius Act’s passing, the US Senate is gearing up to vote on a framework for the digital asset market structure this month.

Senator Cynthia Lummis from Wyoming, who is a significant advocate for this market structure initiative, indicated that the Senate Banking Committee might vote on the bill by the end of September. There’s potential for it to become law by 2026.

The Responsible Financial Innovation Act, alongside the interim titled Market Structure Bill, aims to clarify the responsibilities of US financial institutions in overseeing and enforcing crypto regulations.

Recently, several Congress members, including Lummis, held discussions with executives from crypto companies during three separate roundtable meetings to review market structure and Bitcoin (BTC).