The US Treasury Ministry demanded an opinion from the public to implement the regulations on Stablecoins within the scope of the GENIUS law, which was recently implemented. The law will only come into force only when the responsible institutions form their policies or after 18 months. The Ministry of Treasury aims to avoid excessive burden for exporters while looking for methods to prevent financial abuses in the new period.
What methods are discussed in the comment process?
After President Trump’s approved the Genius Law last month, the effects of the regulation in the crypto asset industry became a matter of curiosity. The Ministry of Treasury has now begun to collect suggestions from the public about innovative methods that financial institutions can use to detect illegal activities related to crypto assets. In the sector, different opinions are dominant on how this regulation will be reflected in the financial markets.
In the statement of the Ministry, participation in this process is expected from different segments of the society. The aim is to prevent financial risks and to develop balanced measures that will not interrupt the activities of financial institutions. The Ministry will take into account the recommendations of the community members, taking into account the existing and potential application tools.
“[Bakanlık]It offers the opportunity to provide feedback to the relevant relevant -related methods that regulated financial institutions use or can use to detect illegal activities related to crypto assets. ”
When will GENIUS come into force?
Although the GENIUS law has been signed, the implementation has not yet been implemented. For exporters, the entry into force for up to 18 months until the relevant institutions determine the implementation policy. This period is seen as a transition process in which questions about how the regulation will be reflected in practice.
US Treasury Minister Scott Bessent, by evaluating this process as a positive development in social media sharing, drew attention to President Trump’s views that stablecoins would increase the global efficiency of the dollar.
“The implementation of the GENIUS Act is necessary to secure the US leadership in crypto assets. Stablecoins will offer billions of people to access dollars and raise the demand for US bonds. This means earnings for everyone.” – Treasury Minister Scott Bessent
Compliance of exporting companies
Within the scope of the law, Stablecoin exporters will have to keep US treasury bonds in their portfolios. Therefore, the Ministry will have a fundamental role in the practical practice of the law. Companies, which are among the most important actors of the market, are already taking significant US bonds in their reserves.
The GENIUS Act is expected to foresee regularly independent audits of companies that want to operate in the USA, while some major exporters have not yet started. During the transition process, companies have not fully adapted to law requirements. In this transition process, they will take their adaptation steps.
In this process, it is expected that the application details will be clarified and the Treasury will make small changes in the regulations in line with the feedback received from the public. Experts, although uncertainty in the short term, the new law may bring radical changes in the stablecoin sector.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
