The U.S. Treasury Department announced it is seeking public comment related to an advance notice of proposed rulemaking (ANPR) regarding its implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.
The GENIUS Act requires the Treasury to issue regulations designed to encourage innovation in payment stablecoins while also providing an appropriately tailored regime to protect consumers, mitigate potential illicit finance risks and address financial stability risks, the agency wrote in a press release.
In its ANPR, the Treasury invited a wide array of interested stakeholders to provide comments, data and other information they believe would be useful during the implementation process. It also noted the ANPR does not itself implement new requirements under the GENIUS Act.
This ANPR is intended to build on the Treasury’s “Request for Comment on Innovative Methods to Detect Illicit Activity Involving Digital Assets” issued on Aug. 18, which is set to remain open until Oct. 17.
Members of the public should submit comments in response to the ANPR within 30 days of its publication in the Federal Register. Comments responding to the notice will be publicly viewable at www.regulations.gov.