U.S. Treasury Seeks Public Input on GENIUS Act to Guide Stablecoin Regulation

The U.S. Treasury Department is calling for public feedback on the GENIUS Act, a new law passed by President Donald Trump, which aims to guide and establish national innovation in stablecoin regulation.

Treasury Calls for Public Feedback on Illicit Crypto Activity

The U.S. Treasury is seeking public input on innovative methods and strategies that can be deployed to identify and prevent illegal use of digital assets. According to Treasury officials, the public participation mandated by the GENIUS Act has its deadline set on 17 October.

The agency is specifically requesting public feedback on application programming interfaces (API), artificial intelligence (AI), digital identity verification, and the use of blockchain technology and monitoring to address illicit risks, such as money laundering with crypto.

Treasury Secretary Scott Bessent said public participation is key to keeping the U.S. a leader in digital assets. Once the feedback is reviewed, the Treasury will send its report to the Senate Banking Committee and the House Financial Services Committee.

The GENIUS Act, signed into law on July 18 under Trump’s administration, will take effect in 18 months. Because the law will already be active before the 2026 midterm elections, it is less likely to become a major campaign issue. This gives regulators time to focus on shaping clear rules while avoiding political distractions..

House Passes Crypto Bills Ahead of Senate Review

The GENIUS Act was one of the first crypto bills that was passed under Trump’s Republican Congress, alongside the Digital Asset Market Clarity Act and the Anti-CBDC Surveillance Act. It gained bipartisan support in the House during “Republican Crypto Week” in July.

Meanwhile, the Senate is focusing on crypto market rules. It plans to vote on its version of the Clarity Act in October and will review all three crypto bills after the September recess.