The U.S. Treasury Department is continuing preparations for the GENIUS Act, opening a second public comment window. This will allow stakeholders to provide feedback on potential implementation plans.
Once regulators finalize their plans to implement the law, a fast-track deadline will begin immediately, thus providing officials and stablecoin issuers with maximum flexibility.
Will the Ministry of Finance deploy 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 signing or 120 days after completing a specific plan.
It appears that the Ministry of Finance is taking some important steps towards this plan, opening a window for public comment on its implementation. This will allow community stakeholders to provide their feedback:
“Today, the U.S. Treasury Department released a Notice of Pre-Proposed Rulemaking (ANPRM), seeking public comment regarding Treasury’s implementation of the GENIUS Act. The ANPRM… provides the public with an opportunity to contribute to the implementation of this legislation,” the press release stated .
This is not the first time the US Treasury has requested feedback on the implementation of the GENIUS Act, opening a similar window last month.
The previous request focused on security enforcement considerations, while this new request is more general. Both are expected to be completed by mid-October.
Explain upcoming deadlines
On the one hand, this is progress by the Treasury Department in implementing the GENIUS Act. However, it is still a non-binding step: the Treasury Department is not obligated to take any action. Technically, there is no guarantee that regulators will release this action plan anytime soon.
Once they release this action plan, a faster deadline will be set. This is a vague situation, but could give crypto companies important time to prepare.
As written, the GENIUS Act could ban USDT in the US in addition to drastically changing the business practices of issuers .
As a result, Tether has built a new stablecoin to meet regulatory compliance. If the Treasury continues to delay GENIUS implementation, other companies may also have the opportunity to reform.
This is progress for now, but US users should not expect an actual USDT ban or similar restrictions in the near future. Until the action plan is finalized, we have more than a year before the actual deadlines come.
