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Highlights
- Treasury publishes the GENIUS Act consultation, asking for public opinion on the regulation of stablecoins.
- Treasury Secretary Scott Bessent calls the GENIUS Act essential for U.S. digital leadership.
- Circle CEO Jeremy Allaire hails stablecoin law as a milestone for U.S. leadership.
The U.S. Treasury has put the GENIUS Act into open consultation. The end result will be influenced by public comments, and it may fast-track the use of stablecoins globally.
U.S. Treasury Seeks Comments Regarding GENIUS Act
The U.S. Treasury has made a significant step regarding the GENIUS Act, a law aimed at stablecoin regulation and enhancing American dominance in the digital finance industry. Through a press release, the Treasury made a formal Request for Comment directing people to comment on how oversight over stablecoins should be done.
As part of the consultation process, the department is seeking feedback on the use of new tools to combat illicit finance. These include artificial intelligence, blockchain monitoring, digital identity verification, and application programming interfaces.
Public input will help determine how effective these technologies are, as well as their costs, privacy risks, and cybersecurity challenges. The deadline for comments is October 17, with all submissions posted publicly at regulations.gov.
The GENIUS Act, signed into law earlier this year, creates a comprehensive framework for stablecoin issuers operating in the United States. It builds on President Donald Trump’s Executive Order 14178. This is set to bolster America’s leadership in digital finance technology. Previously, Trump signed an executive order allowing crypto investments in 401k plans.
Treasury Secretary and Circle hail Stablecoin Regulations as Digital Finance Milestone
Treasury Secretary Scott Bessent said the measure is essential for U.S. leadership in the sector. He noted that stablecoins expand global access to the dollar and increase demand for U.S. Treasuries, which back them.
Bessent described the GENIUS Act as a “win-win-win” for users, issuers, and the government. A recent report also noted that U.S. Bitcoin reserves may be worth up to $20 billion, showing Washington’s growing commitment to digital assets.
Implementing the GENIUS Act is essential to securing American leadership in digital assets.
Stablecoins will expand dollar access for billions across the globe and lead to a surge in demand for U.S. Treasuries, which back stablecoins.
It’s a win-win-win for everyone involved:… https://t.co/p5nRQpBfnw
— Treasury Secretary Scott Bessent (@SecScottBessent) August 18, 2025
Industry leaders have echoed this sentiment. Jeremy Allaire, CEO of Circle, welcomed the milestone, calling it more than financial legislation. He said it shows the U.S. is ready to embrace innovation that makes finance safer, more transparent, and more inclusive.
Allaire credited Circle’s team, bipartisan policymakers, and developers for advancing the effort. He added that this moment demonstrates the U.S. commitment to staying ahead in digital currency competitiveness.
The GENIUS Act is more than financial legislation. It’s a signal that the U.S. is ready to embrace technology innovation that makes the financial system safer, more transparent, and more inclusive, and puts the US forward as leading the way in digital currency competitiveness.
— Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) August 18, 2025
In a follow-up post, Allaire highlighted reporting from Semafor that described the GENIUS Act as the “starting gun” for a new era in financial technology. He said the internet is now colluding with the global financial system to create extraordinary opportunities. The shift reflects years of lobbying and persuasion to bring stablecoins into mainstream financial discussions, with Allaire playing a key role in convincing doubters.
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