The U.S. Treasury Department is “moving quickly” to implement the GENIUS Act, a new framework for payment stablecoins, according to Treasury Secretary Scott Bessent. The department has issued a Notice of Proposed Rulemaking seeking public comment on the legislation, which was previously delivered by President Trump and Congress. Bessent stated the goal is to provide “regulatory certainty” for businesses, cement the U.S. dollar as the world’s reserve currency, and keep America the “crypto capital of the world.” The administration has pushed for leadership in digital asset governance, with the Treasury working alongside the potential Clarity Act to establish a solid infrastructure for stablecoins within the financial system.
The US Department of the Treasury has issued a Notice of Proposed Rulemaking, seeking public comment related to its implementation of section 3 of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.
Treasury Secretary Scott Bessent confirmed that the department is “moving quickly” to implement the crypto stablecoin framework. “President Trump and Congress delivered the GENIUS Act, establishing a landmark framework and clear rules of the road for payment stablecoins, and Treasury is moving quickly to implement that framework,” Bessent said.
The Secretary emphasized the act’s purpose in providing stability for the digital asset sector. “Treasury welcomes input from stakeholders as we work to provide the regulatory certainty businesses need to innovate and grow in America,” he added.
The US administration under Donald Trump has officially backed the cryptocurrency domain, delivering “serious protection” to the rising sector. This support includes a focus on the US taking a leading role in governing digital assets on a global platform.
The Treasury is actively seeking public opinion and input from crypto experts as it develops the framework, with several experts already providing feedback. The GENIUS act helps in streamlining the role of stablecoins within the current financial structure and regime.
