The U.S. Department of the Treasury recently solicited comments and suggestions on the "U.S. Stablecoin Innovation Act" (GENIUS), which officially came into effect in July of this year. This move aims to promote innovative development in the digital asset sector while effectively managing related risks.

The Ministry of Finance stated in its latest announcement that it welcomes feedback from all sectors of society on the identification and mitigation methods for illegal financial risks associated with digital assets. This opinion collection will continue until October 17. Senior officials from the Ministry of Finance emphasized on social media that this process is crucial for the effective implementation of the legislation and will help consolidate the United States' leading position in the global digital asset sector.

It is worth noting that the GENIUS Act is expected to be officially implemented 18 months after its signing, or 120 days after the Treasury and the Federal Reserve complete the relevant regulatory framework. This timeline suggests that the Act may not become a major issue in the 2026 midterm elections.

In addition to stablecoin regulation, the Ministry of Finance is also particularly concerned about money laundering and other illegal activities in the cryptocurrency space. At the same time, they are actively exploring how to use emerging technologies such as APIs, artificial intelligence, digital identity verification, and blockchain to enhance regulatory effectiveness.

This public consultation initiative reflects the U.S. government's active response to the rapid development in the digital asset sector, striving to find a balance between promoting innovation and mitigating risks. With the collection and study of public opinions, we can expect to see a more comprehensive and practical regulatory framework for digital assets gradually taking shape.