Overview
- Treasury issued an advance notice of proposed rulemaking seeking input on key implementation choices for the GENIUS Act, with comments due October 20.
- A separate Treasury request for comment on illicit‑finance controls is open until October 17, focusing on blockchain analytics, artificial intelligence, APIs, and digital identity verification.
- The CFTC launched a tokenized collateral initiative asking whether stablecoins and other tokenized assets should qualify for margin and collateral in derivatives markets, with feedback due October 20.
- No binding requirements have been finalized yet, marking the start of translating the statute’s mandates into detailed rules on reserves, disclosures, AML and sanctions compliance, custody, and transaction‑blocking tools.
- The GENIUS Act permits nonbank issuance under OCC approval or certified state regimes, imposes data‑use limits, and for public companies requires unanimous consent from a federal review committee, shaping how firms prepare their submissions.