The U.S. Treasury has begun work to transform the GENIUS Act into stablecoin regulatory legislation.

On September 19, according to CoinDesk, the U.S. Department of the Treasury has officially launched the work to transform the "GENIUS Act" into stablecoin regulatory legislation. Currently, the public can comment on the preliminary rule-making steps in the short term to gather information for subsequent, more comprehensive proposals. The "GENIUS Act" involves multiple federal agencies, and the Treasury must address various issues such as sanctions, illicit finance, taxation, and constraints on issuers.

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