U.S. Treasury invites feedback on groundbreaking stablecoin regulations under GENIUS. Key questions around stablecoin tax treatment and foreign issuer rules. Treasury explores marketing restrictions, oversight balance, and AML enforcement options. The U.S. Treasury Department is now inviting public feedback on the implementation of the groundbreaking GENIUS Act, the first piece of crypto-specific legislation passed in the U.S. this summer. The new law is a milestone in terms of regulation of stablecoins, as the Treasury is aiming to balance the need to innovate and the aim of protecting consumers and monetary stability. According to Treasury officials, the GENIUS Act is designed to stimulate the growth of payment stablecoins while addressing potential risks related to illicit financial activities and maintaining overall economic stability. The department especially shows interest in the acquisition of data that could assist in refining the regulatory guidelines as it proceeds with the writing of its formal proposal. The commenting is active through the October 20 deadline, which gives both opponents and players in the industry time to express their views. One of the most pressing questions under consideration is how the IRS will handle the federal income tax treatment of stablecoins. The GENIUS Act does not directly cover this, and there is room to interpret and make decisions by regulation in the future. Also unclear is when and how foreign issuers can be allowed to offer stablecoins in the U.S., and it does not look like there is a timeline involved in making any changes. Also Read: Ripple Partners with DZ BANK to Launch Institutional Digital Asset Custody Solution Key Areas Under Scrutiny as Treasury Prepares Stablecoin Regulations Several key issues are currently up for discussion as part of the Treasury’s review of the GENIUS Act’s implementation. These include whether stablecoins should have certain marketing limitations, whether it should be at the state or federal level, and how the current anti-money laundering (AML) and sanctions policies will relate to digital assets. Moreover, the Treasury is analyzing how the current regulations, such as the Bank Secrecy Act (BSA), are capable of mitigating the risks of digital assets. This is after it was earlier sought to seek the views of people on the detection of illicit use in the digital asset markets. As the Treasury moves toward finalizing the regulations, it is clear that the department aims to craft a robust and flexible framework that can adapt to the evolving landscape of digital currencies. The outcome will have lasting implications for the future of stablecoin regulation in the U.S., shaping the path forward for both domestic and international players in the crypto space. Also Read: Shiba Inu Faces Major Selling Pressure as 157 Billion SHIB Floods Exchanges! The post U.S. Treasury Seeks Public Input on Game-Changing Stablecoin Regulations appeared first on 36Crypto. U.S. Treasury invites feedback on groundbreaking stablecoin regulations under GENIUS. Key questions around stablecoin tax treatment and foreign issuer rules. Treasury explores marketing restrictions, oversight balance, and AML enforcement options. The U.S. Treasury Department is now inviting public feedback on the implementation of the groundbreaking GENIUS Act, the first piece of crypto-specific legislation passed in the U.S. this summer. The new law is a milestone in terms of regulation of stablecoins, as the Treasury is aiming to balance the need to innovate and the aim of protecting consumers and monetary stability. According to Treasury officials, the GENIUS Act is designed to stimulate the growth of payment stablecoins while addressing potential risks related to illicit financial activities and maintaining overall economic stability. The department especially shows interest in the acquisition of data that could assist in refining the regulatory guidelines as it proceeds with the writing of its formal proposal. The commenting is active through the October 20 deadline, which gives both opponents and players in the industry time to express their views. One of the most pressing questions under consideration is how the IRS will handle the federal income tax treatment of stablecoins. The GENIUS Act does not directly cover this, and there is room to interpret and make decisions by regulation in the future. Also unclear is when and how foreign issuers can be allowed to offer stablecoins in the U.S., and it does not look like there is a timeline involved in making any changes. Also Read: Ripple Partners with DZ BANK to Launch Institutional Digital Asset Custody Solution Key Areas Under Scrutiny as Treasury Prepares Stablecoin Regulations Several key issues are currently up for discussion as part of the Treasury’s review of the GENIUS Act’s implementation. These include whether stablecoins should have certain marketing limitations, whether it should be at the state or federal level, and how the current anti-money laundering (AML) and sanctions policies will relate to digital assets. Moreover, the Treasury is analyzing how the current regulations, such as the Bank Secrecy Act (BSA), are capable of mitigating the risks of digital assets. This is after it was earlier sought to seek the views of people on the detection of illicit use in the digital asset markets. As the Treasury moves toward finalizing the regulations, it is clear that the department aims to craft a robust and flexible framework that can adapt to the evolving landscape of digital currencies. The outcome will have lasting implications for the future of stablecoin regulation in the U.S., shaping the path forward for both domestic and international players in the crypto space. Also Read: Shiba Inu Faces Major Selling Pressure as 157 Billion SHIB Floods Exchanges! The post U.S. Treasury Seeks Public Input on Game-Changing Stablecoin Regulations appeared first on 36Crypto.