US Treasury calls for public comment on GENIUS stablecoin bill
The comments, due by Oct. 17, will focus on “innovative methods to detect illicit activity involving digital assets,” as required by the GENIUS Act.
The US Treasury Department has issued a call for comments related to the passage of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, signed into law by President Donald Trump in July.
In a Monday notice, the Treasury said “interested individuals and organizations” could provide feedback to the government department on “innovative or novel methods, techniques, or strategies to detect and mitigate illicit finance risks involving digital assets.” Treasury officials said the call for comments by Oct. 17 was part of the requirements under the GENIUS Act.
In a Monday X post, Treasury Secretary Scott Bessent called the move “essential” for implementing the law to “[secure] American leadership in digital assets.” After receiving comments from the public, the Treasury will research the methods proposed and submit reports to the Senate Banking Committee and House Financial Services Committee.