Yeliz Akmaca 
The US Treasury is seeking public input on the GENIUS stablecoin law to address illicit digital asset activities.
The US Treasury has opened a consultation period for the Guidance and Establishment of National Innovation for US Stablecoins (GENIUS) Act, signed into law by President Donald Trump in July. Citizens and organizations can submit comments until October 17, focusing on innovative methods to detect and prevent unlawful financial activities involving digital assets.
According to the Treasury, feedback may include proposals on artificial intelligence, API integrations, digital identity verification, and blockchain monitoring. This input will help strengthen the law’s implementation while increasing security and transparency in the stablecoin market. Collected feedback will later be submitted to the Senate Banking Committee and the House Financial Services Committee.
Implementation timeline of the GENIUS Stablecoin Act
The law will take effect either 18 months after its approval on July 18 or within 120 days once regulations are finalized by the Treasury and the Federal Reserve. This timeline reduces the likelihood of the law becoming a key political topic in the 2026 midterm elections. At the same time, the implementation will raise compliance standards in the stablecoin ecosystem.
Treasury Secretary Scott Bessent highlighted the importance of the initiative on X, calling it “necessary to secure American leadership in digital assets.” This statement underscores Washington’s intention to tighten oversight in the crypto industry. Moreover, the emphasis on innovative solutions reflects the government’s proactive stance on combating illicit use of cryptocurrencies.
Other crypto-related bills in Congress
During the Republicans’ “crypto week” in July, three major bills came under discussion: the GENIUS Act, the Digital Asset Market Clarity (CLARITY) Act, and the Anti-CBDC Surveillance State Act. Among them, only the GENIUS Act advanced to the implementation stage.
The CLARITY and Anti-CBDC bills were sent to the Senate and will be reviewed after the September recess. The Senate Banking Committee has already indicated plans to advance its own version of the CLARITY Act by October. This momentum shows Congress is moving quickly on crypto regulation.
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