Blockchain Association Asks Treasury to Narrow GENIUS Act Rule on Who Can Sell Stablecoins
By Unchained
AI summary of the source article
The Blockchain Association urged the U.S. Treasury to narrow proposed GENIUS Act rules regarding stablecoins. The group asked regulators to exclude decentralized finance infrastructure and routine traders, while requiring actual knowledge before penalizing firms for unlawful issuances.
Why it matters
The Blockchain Association stated its comment letter "seeks clearer lines so the final rule matches what Congress wrote."
Key facts
- The Blockchain Association filed a 26-page comment letter on Oct. 19 regarding the Treasury's proposed rule under Section 3 of the GENIUS Act.
- The group requested that unlawful stablecoin issuance require actual knowledge and that routine market making, secondary trading, and DeFi infrastructure be excluded.
- The GENIUS Act takes effect on Jan. 18, 2027, or 120 days after regulators finalize rules, whichever comes earlier.
Source excerpt · Unchained
The industry group wants Treasury to require actual knowledge before a firm can be tied to an unlawful stablecoin issuance, and to keep traders, validators and DeFi tools outside the rule. The post Blockchain Association Asks Treasury to Narrow GENIUS Act Rule on Who Can Sell Stablecoins appeared first on Unchained .