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. 

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post US Treasury Calls for Public Input on GENIUS Stablecoin Act appeared first on Coin Engineer.

Bitcoin Transfer Details and New Wallets

On-chain tracking platform Arkham reported that on March 27, the US government moved 93.96 BTC (~$8M) to a new wallet, along with 884.33 ETH (~$1.77M).

Arkham announcement:

“The US government has transferred $8.46M in BTC from the Sae-Heng confiscated funds wallet.”

Despite this transfer, the US government still holds over $17 billion in crypto assets, with 198,000 BTC making up the majority of its reserves.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Confiscated BTC and the ‘Pig Butchering’ Scam

The Sae-Heng wallet holds funds seized from a ‘pig butchering’ scam targeting US citizens. The assets were confiscated from Wanpadet Sae-Heng’s Binance account and initially transferred to a government-controlled storage wallet.

Total confiscated assets include:

• 97.33 BTC
• 2.56M DOGE
• 884.33 ETH
• 85M ADA

While some confiscated funds might be returned to scam victims, larger forfeitures could be allocated to the government’s crypto reserves.

US Bitcoin Strategy and Reserve Plans

On March 7, President Donald Trump signed an Executive Order to create a crypto reserve, using Bitcoin (BTC) already held by the US government. The Strategic Bitcoin Reserve Act is still under review in Congress, but if approved, the reserve’s primary source of BTC would come from confiscations.

The US now holds more Bitcoin than China’s 190K BTC, making it the largest state BTC holder. While previous plans considered liquidation, the government has now shifted to holding BTC as a strategic asset.

Some funds may be returned to victims of scams, while Silk Road BTC and similar holdings may remain part of the national crypto reserve.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post USA Moved Bitcoins from Sae-Heng Wallet to a New Address! appeared first on Coin Engineer.