The U.S. Treasury Department is seeking public opinion! The stablecoin "GENIUS Act" has started the countdown for regulation.

The U.S. Treasury has officially opened a public consultation to discuss the implementation details of the "Guidance and Establishment of the U.S. Stablecoin National Innovation Act" (GENIUS Act). This legislation was signed into law by President Donald Trump in July and is considered one of the first pieces of cryptocurrency-related legislation passed by a Republican-controlled Congress.

The U.S. Treasury Department has announced that the public can submit proposals for innovative approaches to regulating digital assets, covering areas such as AI, blockchain monitoring, and digital identity verification, before October 17.

Consultation Focused on "Innovative Regulation"

According to the announcement from the Ministry of Finance, "interested individuals and organizations" can provide feedback on innovative technologies and strategies for detecting and reducing illegal financial risks associated with digital assets.

Treasury Secretary Scott Bessent stated on X (formerly Twitter) that this initiative is crucial for ensuring that the United States maintains its global leadership in the digital asset space. The consultation content includes:

1. Application Programming Interface (API)

2. Artificial Intelligence (AI)

3. Digital Identity Verification

4. The Use and Monitoring of Blockchain Technology

Effective Date of the Bill and Political Background

The "GENIUS Act" will take effect under two circumstances:

1. 18 months after the bill is signed;

2. Or 120 days after the Ministry of Finance and the Federal Reserve finalize the regulatory rules.

As this bill is one of the first pieces of crypto legislation passed by the Trump administration, its effective date means it is unlikely to become a major campaign issue in the 2026 midterm elections.

Combating Illegal Activities and Money Laundering Risks

One of the key points the Ministry of Finance is seeking opinions on is how to prevent the abuse of Crypto Assets in illegal activities such as money laundering. The officials hope to establish a more efficient regulation and tracking mechanism through technological innovation to address the challenges posed by the cross-border movement and anonymous transactions of digital assets.

Congress Advances Multiple Encryption Legislative Measures

The "GENIUS Act" is part of the Republican Party's "Crypto Week" plan in July, which was passed by the House of Representatives along with the "Digital Asset Market Clarification Act" (CLARITY Act) and the "Anti-Central Bank Digital Currency Surveillance Nation Act."

Currently, the "Clarity Act" and the CBDC bill have been submitted to the Senate, and the Senate Banking Committee plans to prioritize the review of the crypto market structure before October and advance its version of the "Clarity Act."

Conclusion

As the GENIUS Act enters the public consultation phase, U.S. digital asset regulation is reaching a new milestone. From AI to blockchain monitoring, from digital identity verification to anti-money laundering, this legislation will profoundly affect the future landscape of stablecoins and the Crypto Assets market. Investors and the industry should closely monitor the October 17 deadline for public comments, as well as the subsequent report submitted to Congress by the Treasury Department. For more real-time updates on crypto policy, please follow the official Gate platform.