The U.S. Department of the Treasury has concluded the comment
period for the Advance Notice of Proposed Rulemaking (ANPRM) to
implement the landmark Guiding and Establishing National
Innovation for U.S. Stablecoins (GENIUS) Act.
The ANPRM, issued on September 19, 2025, closed for public
comment on November 4, 2025, receiving 403 comment letters from a
broad spectrum of stakeholders. The comments underscore deep
divisions within the financial sector, particularly concerning the
prohibition of interest on stablecoins and the balance between
federal and state regulatory authority. Treasury will now analyze
the submitted feedback for future rulemaking.
The public comments revolved around several critical provisions
of the GENIUS Act, revealing conflicting industry priorities:
