Deadline extended for comments on GENIUS Act implementation

The Treasury Department has extended the comment deadline for its advance notice of proposed rulemaking (ANPR) to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act by an additional 15 days. America’s Credit Unions joined other financial trade organizations in September to request a 60-day extension.  

The GENIUS Act—signed into law in July—tasks Treasury and other federal agencies with issuing regulations that encourage innovation in payment stablecoins while also providing an appropriately tailored regime to protect consumers, mitigate potential illicit finance risks, and address financial stability risks.

Comments are due to Treasury Nov. 4. America’s Credit Unions sent a Regulatory Comment alert to credit unions Tuesday, soliciting feedback to inform the organization’s comment letter. Comments are due to America's Credit Unions Oct. 28.