The US Department of the Treasury.
This arm of the administration of President Donald Trump has opened what is known as an “anticipated regulation notice” on Friday, which is an early step to collect information that will be used to prepare a real proposal. In this case, the Government requests data on how to develop its requirements under the National Innovation Law for National Innovation (GENIUS) ACT, which includes prohibitions of emitters, sanctions obligations, compliance with anti -blade of money, the balance between state and federal supervision, tax issues and any additional need for the industry for clarity.
A period of one month is now open in which the public, and cryptographic companies, can evaluate these complex issues before it closes on October 20. The notice recorded dozens of questions, such as, “is an additional clarity necessary with respect to the extent that reserve assets are required, or should they be in custody?” and “Are there regulatory or foreign payment supervision regulations, or supervision regimes, or development regimes, which can be comparable to the regime established under the genius law?”
The role of the Treasury Department in Genius is varied, including the requirements to address compliance with sanctions, tax treatments and how foreign jurisdictions will interact with US regulations. Friday’s action is intended to be based on a less formal effort announced last month to begin collecting information about the best way to detect illegal cryptography activities.
Genius law was the first cryptographic legislation of the United States to become law, and marked a great victory for the industry, which has now changed to an even greater legislative effort to establish rules for the industry in general. This bill of market structure is a focus of legislators of both parties in the Senate, who are also in conversations with their counterparts of the House of Representatives that have already approved a similar bill, the law of clarity of the digital asset market.
Republicans in Congress and about federal financial regulators are trying to accelerate to comply with President Trump’s orders to establish friendly cryptography regulations that help the United States become a global center for the sector.
Also on Friday, JP Morgan said in a research note that the general cryptography market must expand significantly for continuous growth in the stable sector, or the new stable can begin to be cannibalized with each other.
Read more: The United States Treasury Department begins to work in genius, collecting opinions on illegal activity
