U.S. Treasury Seeks Public Input on GENIUS Act to Combat Illicit Crypto Activity

The U.S. Treasury Department has initiated the implementation of the GENIUS Act, the first major U.S. law aimed at regulating stablecoins and curbing illicit cryptocurrency activities. Public comments are now being solicited to identify innovative methods for detecting and preventing money laundering and other illegal uses of digital assets.

The 60-day comment window offers the crypto industry an opportunity to weigh in on strategies to mitigate risks posed by bad actors. The GENIUS Act marks the beginning of a broader regulatory framework, with future oversight expected from banking regulators like the OCC and FDIC.

While the GENIUS Act represents a significant step forward, it is only the first part of a two-part legislative agenda for the crypto sector. Further regulatory actions are anticipated as the industry continues to evolve.