US Bank Groups Warn GENIUS Act Rules Could Create Stablecoin Compliance Gaps
- Major banking groups warn new stablecoin rules may weaken AML and sanctions oversight.
- FinCEN itself says most illicit stablecoin activity occurs in secondary markets.
- Many US crypto exchanges operate as money transmitters without formal ID rules.
Two major banking trade groups are warning that new stablecoin rules could leave real gaps in how money laundering and sanctions risks get policed, right as multiple federal agencies race through overlapping rulemaking deadlines.
What the Bank Groups Are Saying
The Bank Policy Institute and The Clearing House Association filed a comment letter on August 4 responding to the FDIC’s proposed Bank Secrecy Act (BSA) and sanctions compliance rule for stablecoin issuers. They broadly support the FDIC’s approach, including requirements that issuers meet the same customer ID and sanctions standards already set by FinCEN and t…
Read The Full Article US Bank Groups Warn GENIUS Act Rules Could Create Stablecoin Compliance Gaps On Coin Edition.
This content is automatically aggregated. Full credit goes to the original publisher (coinedition.com).
