Blockchain Association Backs Narrow GENIUS Act Compliance Rules

TLDR

• The Blockchain Association urged five U.S. agencies to keep stablecoin customer identification rules limited to direct issuer-customer relationships.
• The group said peer-to-peer and secondary-market stablecoin transfers should remain outside issuer identification requirements.
• It asked regulators to clarify the definitions of “account,” “customer,” and “digital asset service provider” under the GENIUS Act rules.
• The association wants one-time redemptions, vendor relationships, and certain exchange activities excluded from duplicate customer checks.
• It supported flexible identity verification methods, including zero-knowledge proofs and trusted third-party data sources.

The Blockchain Association Inflows debate has entered the GENIUS Act rulemaking process as the trade group urged five U.S. agencies to keep stablecoin customer checks limited to direct issuer relationships. In a 15-page comment letter, the group said wider checks on secondary-market transfers would go beyond the law.

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