US Treasury Requests Public Input on GENIUS Act Stablecoin Bill

Jimmy Aki
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On August 18, the US Treasury Department opened a public comment period regarding the implementation of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. The law, signed by President Donald Trump in July, aims to shape how stablecoins are regulated and integrated into the broader financial system.

Deadline for GENIUS Act Feedback Set for October 17

According to the US Treasury’s official press release, the request for public comment provides individuals and organizations with the opportunity to provide feedback on how financial institutions currently approach digital asset oversight.

The department wants input on innovative or emerging methods, techniques, and strategies employed by regulated firms. It also seeks recommendations for tools that could be adopted to detect illicit activities tied to crypto and stablecoins.

As outlined in Section 9(a) of the GENIUS Act, comments must be submitted within 60 days of publication in the Federal Register. That sets October 17 as the final date for the public to weigh in.

The Treasury stated that responses will be used to guide research on effectiveness, cost implications, privacy concerns, cybersecurity risks, and other key issues tied to these financial tools.

Treasury Secretary Scott Bessent welcomed the public’s role in shaping the process. He described the GENIUS Act as essential to securing American leadership in digital assets.

In his view, stablecoins will expand global access to the US dollar, while boosting demand for US treasuries, which serve as the backing for these tokens. He argued this creates a rare “win-win” situation for users, issuers, and the government alike.

Bessent’s optimism comes with early signs that the law is already influencing markets.

After the US Senate passed the GENIUS Act on June 17, the total value of stablecoins in circulation jumped by nearly $4 billion, rising from $260.7 billion to $265.2 billion.

More growth has been recorded after President Donald Trump signed it into law on July 18. At press time, that figure has reached $276.9 billion, an increase of almost $17 billion since the legislation passed.

However, the GENIUS Act is not yet fully in force. It is scheduled to take effect 18 months after President Trump’s signature. But if the US Treasury and Federal Reserve finalize regulations earlier, the law could begin within 120 days.

More Crypto Bills and Clarity Are Set in Motion

The GENIUS Act is only part of a broader legislative push. In July, Republicans in Congress launched what they called “crypto week,” advancing three separate bills with bipartisan support.

Alongside the GENIUS Act, lawmakers passed the Digital Asset Market Clarity (CLARITY) Act and the Anti-CBDC Surveillance State Act.

Both the CLARITY Act and the Anti-CBDC bill now sit with the Senate, which is in recess until September. Their fate will help determine how far Congress goes in reshaping digital asset policy this year.

Meanwhile, regulators are also moving. The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have teamed up under a new program known as the “Crypto Sprint.”

The initiative was created in response to a White House report and is meant to align oversight across agencies.

CFTC Acting Chair Caroline Pham said the effort reflects President Trump’s vision of making the United States the centre of global crypto innovation.

The plan includes drafting a shared rulebook, building a joint sandbox for pilot projects, and synchronizing regulatory timelines to reduce industry confusion.

The focus is no longer on whether digital assets will be regulated, but on how they will be regulated and how quickly rules can be applied without stifling growth.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.