Odaily Planet Daily reports that after President Trump signed the GENIUS Stablecoin Act, the U.S. Treasury Department issued a public comment on August 18th, seeking public feedback on how financial institutions can prevent illegal activities (such as money laundering) involving digital assets. The new law requires stablecoins to be fully backed by U.S. dollars or equivalent liquid assets, conducts annual audits for issuers with a market capitalization of more than $50 billion, and regulates overseas issuance. Treasury Secretary Scott Bessent stated that stablecoins will expand global use of the U.S. dollar and increase demand for U.S. Treasury bonds, benefiting users, issuers, and the Treasury. The public comment period ends on October 17th. Some banking associations have expressed concern about the bill's weakening of interest restrictions on issuers, arguing that stablecoins could become stores of value and credit instruments rather than simply means of payment.