The US Treasury has launched its regulatory process by taking first official measures based on the recently established Stablecoin Regulation Genius Act (Guidelines and Establishment of National Innovation for the US Stablecoins Act).
The department, which is part of President Donald Trump’s administration, today launched an early stage in the process of changing rules, known as “advance notice.” This stage aims to gather input from public and industry representatives to form the basis for formal regulatory proposals in the future.
As part of a one-month feedback period, public and cryptocurrency companies will be required to submit their opinions until October 20th. Treasury documents address dozens of important questions. Among these, “Do you need to be more clear about the extent to which reserve assets should be held?” and “Are foreign payments comparable to systems established by the Genius Act regulations currently under development?”
The Genius Act, signed into law last month, is considered a historic milestone in the US crypto industry. The law is the first comprehensive regulation the industry has been waiting for for a long time, but it now focuses on the digital asset market clarity laws that offer a broader framework. The bill, which has received bipartisan support in the Senate, is in harmony with the House, which previously passed a similar version.
Republican and federal financial regulators aim to quickly implement friendly regulations that make the United States a global crypto hub under President Trump’s orders.
*This is not investment advice.
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