On September 19, 2025, the Department of the Treasury took a significant step towards implementing the GENIUS Act by publishing an advance notice of proposed rulemaking. This initiative invites public commentary on various aspects of the Act, with a deadline for submissions set for October 20, 2025.
The GENIUS Act mandates the establishment of nearly 20 rulemakings across the Treasury and other federal agencies. In this notice, the Treasury is focusing on six broad categories of information that are critical for informing future regulatory decisions. These categories encompass:
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Stablecoin Issuers and Service Providers: This segment aims to address the operational and regulatory frameworks surrounding entities that issue and facilitate transactions in stablecoins.
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Illicit Finance: The Treasury is seeking insights into how stablecoin-related transactions could potentially facilitate illegal activities and the measures that can be put in place to mitigate such risks.
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Foreign Payment Stablecoin Regimes: This category explores the international landscape of stablecoin usage and how foreign regulatory frameworks may influence domestic policy.
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Taxation: Comments are requested on how stablecoins should be treated for tax purposes, addressing both issuers and users.
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Insurance: There is an emphasis on understanding the intersection of stablecoins and the insurance sector, particularly concerning risk assessments and regulatory implications.
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Economic Data: The Treasury is interested in the economic implications of stablecoins and seeks data that could assist in evaluating their impact on the broader economy.
These categories are elaborated through 58 multi-part questions designed to draw out detailed and thoughtful responses from stakeholders. The comment period is a vital opportunity for industry players, consumers, and other interested parties to provide input that will help shape the regulatory landscape for stablecoins in the future.
As the Treasury moves forward, stakeholders can anticipate further opportunities for public commentary when specific rules are proposed. This engagement reflects the Department’s commitment to transparency and responsiveness in developing regulations that will govern the burgeoning stablecoin market.
