The U.S. Department of the Treasury is requesting public input on the GENIUS Act, cryptocurrency legislation signed by President Donald Trump in 2025. The law allows banks and other entities to issue stablecoins provided they back tokens with assets like U.S. Treasuries and provide monthly disclosures of their reserves. The overall effective date is expected to be January 18, 2027, with stricter offer and sale prohibitions from July 18, 2028. Treasury Secretary Scott Bessent said this framework would cement the role of the U.S. dollar as the world’s reserve currency and keep America the crypto capital of the world. The consultation covers key term definitions, when exactly a stablecoin should be considered issued, and due diligence obligations for digital asset service providers.
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