The U.S. Department of the Treasury published on 19 September 2025 an Advance Notice of Proposed Rulemaking (ANPRM) inviting public comment on the implementation of the GENIUS Act. The Guiding and Establishing National Innovation for U.S. Stablecoins Act, signed into law by President Donald Trump in the summer of 2025, is the country's first crypto-specific legislation and establishes a comprehensive regulatory framework for payment stablecoins. Comments must be submitted by 20 October 2025.
The GENIUS Act mandates nearly 20 separate rulemakings by Treasury and other federal agencies. The ANPRM solicits feedback across six broad categories: stablecoin issuers and service providers, illicit finance, foreign payment stablecoin regimes, taxation, insurance, and economic data, broken down into 58 multi-part questions. Under the Act, only Permitted Payment Stablecoin Issuers may issue stablecoins in the United States, subject to specific reserve requirements, marketing restrictions, and penalties for non-compliance. Treasury is also examining whether foreign regulatory regimes are comparable to U.S. standards, which could permit the sale of foreign-issued stablecoins domestically under certain conditions. The ANPRM builds upon an earlier Request for Comment issued on 18 August 2025 concerning innovative methods to detect illicit activity involving digital assets, which remains open until 17 October 2025. According to CoinGeek, certain House Republicans, including Representative French Hill, the architect of the CLARITY Act, are seeking amendments to the GENIUS Act within the Senate's market structure bill, including provisions to ban non-financial companies from issuing stablecoins and to require the use of outside auditors.
The implementation of the GENIUS Act represents a critical element of the broader U.S. crypto regulatory landscape, as bipartisan negotiations continue in the Senate over the market structure bill, the Responsible Financial Innovation Act. The Treasury has also established with its U.K. counterpart the Transatlantic Taskforce for Markets of the Future, which has 180 days to deliver recommendations on strengthening bilateral collaboration on digital assets.
Sources:
- https://www.livebitcoinnews.com/u-s-treasury-seeks-public-input-on-stablecoin-rules-under-genius-act/
- https://www.consumerfinancialserviceslawmonitor.com/2025/09/treasury-invites-public-input-on-genius-act-implementation/
- https://www.hunton.com/blockchain-legal-resource/treasury-continues-implementation-of-genius-act
- https://coingeek.com/us-senate-market-structure-squabbles-cftc-chair-up-for-grabs/
