US Treasury Asks For Public Input on Landmark Genius Act Crypto Legislation

The U.S. Department of the Treasury is moving fast with crypto regulation, with the government body asking for public comment on the landmark GENIUS Act. 

In a Monday announcement, the Treasury said that it was welcoming input from stakeholders on a proposed rule that would provide clarity to industry regarding who needs a license to issue a stablecoin. 

President Donald Trump signed the GENIUS Act into law in 2025. The legislation allows banks and other entities to issue stablecoins if they back the tokens with assets like U.S. Treasuries and provide monthly disclosures of their reserves.

While the law was passed by Congress last year, U.S. regulations typically require agencies to draft and finalize more specific implementing rules — with a period for public comment — before those rules take legal effect. The overall effective date of the GENIUS Act is expected to be January 18, 2027, with stricter offer and sale prohibition of stablecoins prohibited from July 18, 2028. 

“President Trump and Congress delivered the GENIUS Act, establishing a landmark framework and clear rules of the road for payment stablecoins, and Treasury is moving quickly to implement that framework,” Treasury Secretary Scott Bessent said in a statement.