Donald Trump · U.S. Treasury · US Congress · Scott Bessent · Bitcoin Magazine
US Treasury Asks For Public Input on Landmark Genius Act Crypto Legislation
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The consultation is the latest push from the government to get crypto legislation over the line.
Key facts
- President Donald Trump signed the GENIUS Act into law in 2025
- The statement added that from January 2027, a person generally may not “issue a payment stablecoin in the United States” unless the person has obtained an appropriate federal or state license
- President Trump said this month passing legislation like the Clarity Act is necessary for the U.S. to take the lead over China
- 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
Summary
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. 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. “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.