The US Treasury is continuing to prepare for the GENIUS Act, opening a second window for public comment. This will allow stakeholders to give feedback on possible implementation plans.
After regulators finalize a plan to effectuate this law, a speedy deadline will immediately begin. Therefore, this is another non-binding step to give officials and stablecoin issuers maximum flexibility.
Will Treasury Implement GENIUS Soon?
Since President Trump signed the GENIUS Act, a key piece of US stablecoin regulation, the industry has been wondering about its potential impact. The US Treasury has two deadlines to implement the GENIUS Act: either 18 months after the signing or 120 days after finalizing a concrete plan.
SponsoredApparently Treasury is taking some meaningful steps towards this plan, opening a window for public comment on this implementation. This will allow community stakeholders to offer their feedback:
“Today, the US Department of the Treasury issued an Advance Notice of Proposed Rulemaking (ANPRM), seeking public comment related to Treasury’s implementation of the GENIUS Act. The ANPRM…offers the public an opportunity to contribute to the implementation of this law,” the press release claimed.
This isn’t the first time that the US Treasury has solicited feedback on GENIUS Act implementation, opening a similar window last month.
The previous request focused on security enforcement considerations, while the new one is more general. Both are set to wrap up in mid-October.
Looming Deadlines Explained
On one hand, this is further progress from Treasury on effectuating the GENIUS Act. Nonetheless, it’s still a non-binding step: Treasury is under no obligation to implement any of this feedback. Technically speaking, there’s no guarantee that regulators will release this action plan any time soon.
After they release this action plan, a speedier deadline will be set. This is an ambiguous situation, but one that can give crypto companies crucial time to prepare.
As written, the GENIUS Act could ban USDT in the United States in addition to radically changing issuers’ business practices.
Therefore, Tether has been building a new stablecoin to meet regulatory compliance. If Treasury continues stalling on GENIUS implementation, other firms may also have the chance to reform.
For the moment, this is progress, but US-based users shouldn’t expect an actual USDT ban or similar restrictions in the immediate future. Until the action plan gets finalized, we have over a year before the real deadlines.
