US Treasury Continues Requesting GENIUS Act Feedback
The US Treasury has opened a second public comment period on the GENIUS Act, delaying binding deadlines and giving stablecoin firms more room to prepare for future regulatory changes.
The US Treasury is continuing to prepare for the GENIUS Act, opening a second window for public comment. This will allow stakeholders to give feedback on possible implementation plans.
After regulators finalize a plan to effectuate this law, a speedy deadline will immediately begin. Therefore, this is another non-binding step to give officials and stablecoin issuers maximum flexibility.
Will Treasury Implement GENIUS Soon?
Since President Trump signed the GENIUS Act, a key piece of US stablecoin regulation, the industry has been wondering about its potential impact. The US Treasury has two deadlines to implement the GENIUS Act: either 18 months after the signing or 120 days after finalizing a concrete plan.
Apparently Treasury is taking some meaningful steps towards this plan, opening a window for public comment on this implementation. This will allow community stakeholders to offer their feedback:
“Today, the US Department of the Treasury issued an Advance Notice of Proposed Rulemaking (ANPRM), seeking public comment related to Treasury’s implementation of the GENIUS Act. The ANPRM…offers the public an opportunity to contribute to the implementation of this law,” the press release claimed.
This isn’t the first time that the US Treasury has solicited feedback on GENIUS Act implementation, opening a similar window last month.
The previous request focused on security enforcement considerations, while the new one is more general. Both are set to wrap up in mid-October.
Looming Deadlines Explained
On one hand, this is further progress from Treasury on effectuating the GENIUS Act. Nonetheless, it’s still a non-binding step: Treasury is under no obligation to implement any of this feedback. Technically speaking, there’s no guarantee that regulators will release this action plan any time soon.
After they release this action plan, a speedier deadline will be set. This is an ambiguous situation, but one that can give crypto companies crucial time to prepare.
As written, the GENIUS Act could ban USDT in the United States in addition to radically changing issuers’ business practices.
Therefore, Tether has been building a new stablecoin to meet regulatory compliance. If Treasury continues stalling on GENIUS implementation, other firms may also have the chance to reform.
For the moment, this is progress, but US-based users shouldn’t expect an actual USDT ban or similar restrictions in the immediate future. Until the action plan gets finalized, we have over a year before the real deadlines.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
From HBM to DRAM and SSD, AI agent frenzy fuels surging storage demand! Micron (MU.US) earnings are up next, with the market anticipating a "major beat + buyback" package.
The financial report to be released by Micron, one of the three major original storage chip manufacturers in the United States, on Wednesday Eastern Time will serve as an important window to assess the progress of the storage super cycle and the unprecedented AI infrastructure frenzy.
Anthropic’s $2 Trillion IPO Exposes Weaknesses: 47% of Revenue Depends on Amazon and Google, 16 Cents Taken from Every Dollar
Anthropic's prospectus reveals that in 2025, 47% of its revenue will be processed through Amazon and Google Cloud platforms, a significant increase from 11% in 2023. For every $1 of cloud platform revenue, approximately 16 cents must be paid to the platform as distribution fees, totaling about $351 million annually. Additionally, these two giants serve as Anthropic's investors, computing power providers, distributors, and direct competitors simultaneously.
Crypto prices
More
