Stablecoin regulation moves closer as stakeholders weigh in
The US Department of the Treasury has officially opened a second public comment period on the GENIUS Act, a landmark bill regulating payment stablecoins in the United States. Signed into law by President Donald Trump in July 2025, the Act is now moving toward its regulatory phase as the Treasury and Federal Reserve work to finalize rules.
Second Round of Comments
According to Thursday’s notice, the Treasury is inviting stakeholders to submit concerns and recommendations on the advance notice of proposed rulemaking (ANPR). The new 31-day window follows an initial comment period launched in August, which remains open until October 17, 2025.
The department emphasized that while the ANPR was not legally required, additional feedback would “build upon its work” in shaping regulations that balance innovation with safeguards against illicit finance.
Timeline for Implementation
The GENIUS Act establishes a federal framework for payment stablecoins—digital assets pegged to traditional currencies like the US dollar. The law is expected to take effect 18 months after signing, or 120 days after the Treasury and Federal Reserve finalize regulations, whichever comes later. Analysts estimate the implementation timeline could extend into late 2026.
Industry and Political Engagement
The GENIUS Act was part of the Republican-led “Crypto Week” initiative, which passed three key cryptocurrency-related bills in July. The signing ceremony was attended by executives from Gemini, Coinbase, Circle, and Kraken, signaling industry support for clearer regulatory frameworks.
Meanwhile, the US Senate is preparing to vote on a broader digital asset market structure bill, tentatively titled the Responsible Financial Innovation Act. According to Senator Cynthia Lummis, a leading advocate for crypto regulation, the Senate Banking Committee is expected to vote by the end of September. If passed, the legislation could further clarify the jurisdiction of agencies such as the SEC and CFTC.
Stablecoins are increasingly central to global crypto markets, powering payments, remittances, and DeFi activity. However, regulators remain concerned about systemic risks and illicit finance. By opening a second round of comments, the Treasury signals its intent to craft rules that are comprehensive yet adaptable to the fast-evolving digital asset sector.
With both the Treasury’s stablecoin framework and the Senate’s broader market structure bill in motion, 2026 could mark the beginning of a fully regulated US crypto ecosystem—reshaping how digital assets are issued, used, and overseen.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.