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The US Department of the Treasury on Thursday initiated a second phase of public feedback regarding the execution of the GENIUS Act, legislation focused on overseeing stablecoin transactions in the US that was enacted by US President Donald Trump.
In a Thursday announcement, the Treasury noted that, although an advance notice of proposed rulemaking was not needed to execute the GENIUS Act, it encouraged the public to provide input on the stablecoin legislation, stating it would expand on its initiatives.
The Treasury formally launched comment opportunities in August, allowing the public until Oct. 17 to express concerns or insights related to unlawful activity. The Thursday announcement grants a 31-day period for feedback.
“Treasury invites perspectives and comments from a broad spectrum of stakeholders on the [advance notice of proposed rulemaking],” the statement mentions.
The GENIUS Act was among three cryptocurrency-related measures adopted by the US House of Representatives in July as part of Republican lawmakers’ “Crypto Week” agenda. Trump approved the legislation on July 18, in the presence of several leaders from crypto firms, including Gemini, Coinbase, Circle, and Kraken.
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Designated to govern payment stablecoins in the US, the GENIUS Act is anticipated to take effect 18 months after its enactment, or 120 days subsequent to the US Treasury and Federal Reserve finalizing regulations. This timeline likely positions implementation for late 2026 at the earliest.
Senate set to discuss crypto market structure
In one of its initial legislative actions on crypto measures since passing the GENIUS Act in June, the US Senate is expected to vote on a digital asset market structure framework within this month.
According to Wyoming Senator Cynthia Lummis, a prominent figure on the Senate Banking Committee and an advocate for market structure, the committee is anticipated to cast a vote on the bill by the month’s end, with the possibility of being signed into law by 2026.
The market structure bill, tentatively referred to as the Responsible Financial Innovation Act, is likely to elucidate the roles US financial organizations would assume in supervising and enforcing crypto regulations.
Members of Congress, including Lummis, convened with executives from crypto firms in three distinct roundtable sessions this week to deliberate on the market structure and Bitcoin (BTC) reserve bills.
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