Overview

• Treasury’s request for comment under the GENIUS Act is now live, with submissions due Oct. 17, 2025.
• Treasury seeks feedback on APIs, AI, digital identity verification and blockchain monitoring to inform future guidance and rulemaking.
• The Act requires one-to-one reserves for permitted payment stablecoin issuers and bars issuer‑paid yield, a structure banks say exchanges could sidestep by offering rewards on third‑party coins.
• Bank trade groups cite a Treasury estimate that up to $6.6 trillion in deposits could be at risk of migrating to stablecoins, while crypto firms and industry groups reject calls to amend the law.
• The Federal Reserve has ended its Novel Activities Supervision Program, returning crypto and fintech oversight to its standard supervisory process as implementation moves forward.