Overview

• Treasury launched an advance notice of proposed rulemaking that begins the process of translating the GENIUS Act into detailed regulations.
• The notice seeks data on issuer prohibitions, sanctions and anti–money-laundering obligations, the state–federal supervisory balance, tax treatment, reserve custody, and comparability with foreign regimes.
• The one‑month consultation opened Friday and closes on October 20, marking an early, formal input phase before draft rules are written.
• Officials say the action builds on last month’s outreach focused on improving detection of illicit activity in crypto markets.
• Context from industry and policy circles includes Republican efforts under President Trump to speed crypto‑friendly rules, parallel work on a broader market‑structure bill, and a J.P. Morgan note cautioning that stablecoin growth may require wider crypto market expansion to avoid cannibalization.