The U.S. Treasury Department has initiated the formulation of regulations for the GENIUS Act, opening a public consultation on stablecoin regulation

ChainCatcher News, the U.S. Department of the Treasury has recently initiated the "Advance Notice of Proposed Rulemaking" (ANPRM) process to promote the formal implementation of the "GENIUS Act" (the U.S. Stablecoin National Innovation and Establishment Act) signed by President Trump, marking the entry of stablecoin legislation into a substantive regulatory phase.

The Treasury is soliciting opinions on details such as issuer restrictions, sanctions compliance, anti-money laundering requirements, the balance between federal and state regulation, tax issues, and reserve asset custody. The public and crypto companies can submit feedback by October 20. The GENIUS Act, as the first piece of crypto legislation, has become law, and the Treasury's move aims to further refine the regulatory framework and complement the ongoing discussions on the "Digital Asset Market Structure Act."