Overview

• Treasury issued the ANPRM on September 18–19, inviting feedback on implementing the GENIUS Act’s stablecoin framework, with comments due by October 20, 2025.
• The filing poses 58 questions across six areas: issuers and service providers, illicit finance, foreign regimes, taxation, insurance, and economic data.
• A separate Request for Comment on innovative illicit‑activity detection tools from August 18 remains open through October 17, focusing on APIs, AI, digital ID, and blockchain monitoring.
• Key topics for input include PPSI‑only issuance and potential safe harbors, reserve requirements and disclosures, AML and sanctions programs, state versus federal oversight, and definitions of terms such as payment stablecoin, interest, and yield.
• Treasury also seeks views on comparability for foreign issuers, accounting treatment for non‑PPSI stablecoins, and the insurance and tax implications of the forthcoming rules, noting additional public comment will follow proposed regulations.