US Treasury opens second comment period on GENIUS Act stablecoin rules

The US Department of the Treasury launched a second public comment period on the GENIUS Act, the newly enacted law regulating stablecoin payments in the country, which President Donald Trump signed in July.

Under the notice, the Treasury said that although advance notice of proposed rulemaking was not normally necessary for implementing a law, it seeks public comment to refine and broaden its regulatory framework.

The Treasury began a comment period in August and has set an Oct. 17 deadline for the public to provide input about any concerns or feedback it may have regarding possible illicit activity.

The recent notice provides a 31-day window for feedback. “Treasury welcomes comments and views from a wide range of stakeholders on the [advance notice of proposed rulemaking],” the statement reads.

The GENIUS Act was one of three cryptocurrency-related bills the House of Representatives advanced in July during Republicans’ “Crypto Week.” President Donald Trump signed it into law on July 18, joined by executives from major crypto firms including Gemini, Coinbase, Circle, and Kraken.

Designed to regulate payment stablecoins in the US, the law is set to take effect either 18 months after enactment or 120 days following the release of final regulations from the Treasury and the Federal Reserve—placing implementation no earlier than late 2026.

Congress advances market structure bill amid growing crypto oversight

Meanwhile, in one of its first legislative steps on crypto bills since passing the GENIUS Act in June, the US Senate is expected to vote on a digital asset market structure framework this month.

Wyoming Senator Cynthia Lummis, a leading American attorney and member of the Republican Party, has been pushing for market structure. She says the committee is expected to vote on the bill by the end of September, potentially being signed into law by 2026. 

The market structure bill, tentatively titled the Responsible Financial Innovation Act, hopes to clarify US financial agencies’ roles in overseeing and enforcing digital asset laws.. 

Members of Congress, including Lummis, met with executives from crypto companies in three separate roundtable discussions this week to consider the market structure and Bitcoin BTC reserve bills.

Kraken and Circle partnership expands stablecoin access and utility

On related developments, cryptocurrency exchange Kraken recently partnered with stablecoin issuer Circle to broaden access to and the utility of Circle’s USDC and EURC tokens.

The collaboration will integrate Circle’s dollar- and euro-pegged stablecoins into Kraken’s platform, giving clients expanded ways to use USDC across existing applications and introducing support for EURC.

“Stablecoins are the financial layer most aligned with crypto’s original architecture — permissionless, programmable, and global by default,” said Mark Greenberg, global head of Kraken’s consumer business. “Expanding support for Circle’s products isn’t about ticking boxes. It’s about embedding new opportunities to benefit from Circle’s stablecoins into products our clients already use and trust.”

Circle echoed the sentiment, emphasizing the role of stablecoins in shaping digital finance. “We’re focused on building the world’s largest, most widely used stablecoin network, and partnering with leading platforms like Kraken to drive new opportunities for onchain finance,” said Kash Razzaghi, Circle’s chief commercial officer.

The companies said the partnership supports the “responsible growth of stablecoins” as a core component of the evolving online financial system.

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