US Treasury Open Consultation on Genius Act implementation to regulate Stablcoins
By Angel di Matteo @Shadowargel
The agency is requesting comments to those interested on how to apply the new law recently signed by President Trump, precisely to address more effectively to the Stablecoins market, guaranteeing the rights of users and compliance with the respective obligations.
***
- US Treasury. Look for comments on how to regulate Stablecoins after the approval of the law Genius
- The public consultation will be open until October 20.
- Key issues such as federal supervision, taxes and financial crimes prevention are discussed.
He US Treasury Department announced that he is requesting comments from the public about the implementation of the “Guiding and establishing National Innovation for Us Stablcoins” (Genius) Act, The first specific law for cryptocurrencies approved in the country during last summer. The measure marks a milestone in the federal regulation of digital assets and seeks to shape the Stablecoins market with greater security and clarity.
He Genius Act commission the Treasure The issuance of regulations that foster innovation in payments with stablcoins, while establishing a framework designed to protect consumers, mitigate risks of illicit use and address possible threats to financial stability. According to the statement issued by the institution, the public consultation intends to collect data and information that helps shape the final guidelines.
The invitation is open to critics, industry participants and other interested parties. The period to present comments will close on October 20, thus offering a relatively short term for the actors in the sector to contribute their perspective. This consultation stage will allow regulators and market to open issues that had so far remained in regulatory ambiguity.
Scope and empty Genius Act
One of the aspects highlighted by the Treasure is that the Genius Act It does not explicitly add the federal fiscal characterization of payments with Stablecoins. This leaves space for Internal Tax Service (IRS) Interpret the law according to your own criteria, generating uncertainty about the tax implications for the issuers and users of these digital assets.
The text of the law also includes a provision that could enable foreign issuing to offer Stablecoins in the US market, although for now there is no clarity about when or under what conditions this would be possible. This point opens a debate on international competition and the way in which the US could supervise foreign entities.
Federal and State Supervision
Among the open questions is how to balance supervision at the federal level with that of the states. At present, many cryptocurrency companies operate under state licenses that vary widely in requirements and costs. He Genius Act It could redefine that panorama and establish more uniform standards throughout the country, but it is not yet clear the degree of coordination that will be achieved.
The treasure also considers whether there should be marketing restrictions for Stablecoins and how to apply the obligations of the Bank Secret Law (BSA), Money Antilavado (AML) and economic sanctions. These aspects are critical to ensure that STABLECINS are not used in illegal activities, a point of recurring concern for legislators and regulators.
Political context and approval of the law
He Genius Act It was approved in July by both cameras of the Congress, led by the Republicans, and received the support of President Donald Trump. The then president said that he wanted legislation on Stablecoins in his desk to sign it in August, as part of his objective of reforming the US regulatory environment.
He Treasury Department He had already requested comments in September about the detection of the illicit use of digital assets, which suggests that the current public consultation is part of a broader process to establish clear rules in the market. This inter -institutional coordination will be crucial for regulation to be effective and understandable for the actors in the sector.
The public consultation and subsequent development of the regulations will largely define the future of payments with stablcoins in the US, and could become a model for other jurisdictions interested in balancing innovation and consumer protection.
Written article with the help of an AI content editor, edited by Angel Di Matteo / Diariobitcoin
Original Image of DepositPhotos.
WARNING: Diariobitcoin offers informative and educational content on various topics, including cryptocurrencies, AI, technology and regulations. We do not provide financial advice. Cryptactive investments are high risk and may not be adequate for all. Investigate, consult an expert and verify the applicable legislation before investing. I could lose all its capital.
Subscribe to our newsletter
