PANews reported on September 19th that, according to CoinDesk , the U.S. Treasury Department has officially launched the process of converting the GENIUS Act into stablecoin regulatory rules, opening a one-month public comment period. This advance notice of proposed rulemaking covers issues such as issuer restrictions, sanctions compliance, anti-money laundering, tax treatment, and federal-state regulatory coordination. The Treasury Department is requesting industry and public feedback on specific issues, including custody of reserve assets and regulation of stablecoins for overseas payments. The GENIUS Act is the first crypto legislation in the United States and will subsequently spur broader industry regulatory legislation.PANews reported on September 19th that, according to CoinDesk , the U.S. Treasury Department has officially launched the process of converting the GENIUS Act into stablecoin regulatory rules, opening a one-month public comment period. This advance notice of proposed rulemaking covers issues such as issuer restrictions, sanctions compliance, anti-money laundering, tax treatment, and federal-state regulatory coordination. The Treasury Department is requesting industry and public feedback on specific issues, including custody of reserve assets and regulation of stablecoins for overseas payments. The GENIUS Act is the first crypto legislation in the United States and will subsequently spur broader industry regulatory legislation.
The U.S. Treasury Department has launched the GENIUS Act to regulate stablecoins.
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PANews reported on September 19th that, according to CoinDesk , the U.S. Treasury Department has officially launched the process of converting the GENIUS Act into stablecoin regulatory rules, opening a one-month public comment period. This advance notice of proposed rulemaking covers issues such as issuer restrictions, sanctions compliance, anti-money laundering, tax treatment, and federal-state regulatory coordination. The Treasury Department is requesting industry and public feedback on specific issues, including custody of reserve assets and regulation of stablecoins for overseas payments. The GENIUS Act is the first crypto legislation in the United States and will subsequently spur broader industry regulatory legislation.
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