The US Treasury Department has invited public comments regarding the GENIUS Act, which was signed into law in July. The focus of the comments, due by October 17, centers on innovative methods to detect and mitigate risks associated with illicit finance involving digital assets. Treasury Secretary Scott Bessent emphasized that gathering public input is essential for the implementation of the law regulating payment stablecoins. Although the act is expected to take effect 18 months after its passage or 120 days post-regulatory finalization by the Treasury and Federal Reserve, its timing suggests limited potential for it to become a campaign issue in the upcoming 2026 midterm elections. Additionally, the Treasury plans to evaluate methods concerning the use of blockchain technology, AI, and digital identity verification to combat illicit activity, including money laundering. The GENIUS Act is one of three notable crypto-related bills that emerged from a Republican-led Congress during 2025, reflecting a significant step in crypto regulation.

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