Over 105 Comments Submitted on U.S. Stablecoin Rules Prior to Implementation
The public comment period for the GENIUS Act stablecoin rules closed on October 19 with over 105 comments, ahead of implementation beginning on January 18, 2027.
On October 19, the public comment period for proposed rules implementing the U.S. "GENIUS" Stablecoin Act closed after receiving over 105 comments, 77 of which were published publicly, according to Yahoo Finance.
Banking groups called for a broad interpretation of the ban on stablecoin-related rewards, while cryptocurrency firms argued the restriction applies solely to issuer-generated payments, the source reported.
No equivalent foreign regime has been recognized under Section 18 of the law to date, meaning foreign stablecoins have not yet received reciprocal treatment.
Implementation begins on January 18, 2027, with civil penalties of up to $100,000 per day, pressuring issuers and financial institutions to achieve compliance prior to the deadline.
What Do These Terms Mean?
Stablecoin: A cryptocurrency designed to maintain a stable value relative to a traditional currency such as the dollar, commonly used for payments and transfers.
GENIUS Act: U.S. legislation governing the issuance, backing reserves, and oversight of stablecoins.
Daily Civil Penalty: A financial penalty imposed on a violator for each day non-compliance continues.
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