Blockchain Association Endorses Critical Federal Proposal for GENIUS Act Issuers

TL;DR

• The Blockchain Association submitted a comment letter supporting proposed rules by federal agencies for stablecoin issuers under the GENIUS Act.
• The group supports limiting customer identification requirements to direct transactions in the primary market, excluding peer-to-peer operations in secondary markets.
• The association also called for clearer definitions of key terms and coordination between CIP rules and the anti-money laundering rules to be implemented under the GENIUS Act.

The Blockchain Association submitted a formal comment letter to a group of U.S. federal agencies in support of the proposed rules for stablecoin issuers under the GENIUS Act, the payment stablecoin legislation enacted last year.

The letter was submitted on Friday, August 22, in response to the joint proposal developed by the Treasury’s Financial Crimes Enforcement Network (FinCEN), the Office of the Comptroller of the Currency (OCC), the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA). The comment period has already closed.

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