US Treasury calls for public comment on GENIUS stablecoin bill

The US Treasury Department is hitting up the public for some brainpower on the GENIUS Act, the fresh-out-the-oven stablecoin regulation signed by President Donald Trump last July. They're on the hunt for hot takes on how to sniff out shady crypto dealings, with a deadline set for October 17.

Treasury Secretary Scott Bessent took to X to hype up the move, calling it key to locking down America's crypto dominance. Post-comment phase, the Treasury's gonna crunch the numbers and report back to the big guns in Congress.

The GENIUS Act is set to kick in 18 months post-signing or 120 days after the Treasury and Fed dot the i's and cross the t's on regulations. This timing's got folks thinking it won't be a hot potato in the 2026 midterms.

On the wishlist for comments? Crypto money laundering tricks, plus the lowdown on APIs, AI, digital ID checks, and blockchain surveillance tech.

The GENIUS Act was just the opening act in a crypto law trilogy from the GOP-led Congress. Alongside it, the Digital Asset Market Clarity (CLARITY) Act and the Anti-CBDC Surveillance State Act also got the green light with some cross-aisle love.

The CLARITY and CBDC bills are now chilling in the Senate's inbox, waiting for action post-recess. The Senate Banking Committee's already eyeing crypto market structure reforms, aiming to push its own CLARITY Act version by October.