Blockchain Association submits comments on GENIUS Act stablecoin implementation rules
BIBIBI
AT A GLANCE
The Blockchain Association said it has submitted comments on the implementation rules for Article GENIUS of the 3 Act, recommending clearer boundaries of responsibility in stablecoin activities.
Article
[Blockchain Association submits comments on implementation rules for the U.S.GENIUS Act, calling for clearer boundaries of responsibility in stablecoin activities]
The Blockchain Association stated that it has submitted comments on the U.S. Treasury Department's proposed implementation rules for Article GENIUS of the 3 Act. The association recommended clarifying the scope of "digital asset service providers," excluding infrastructure such as self-custody software and validators, as well as businesses that trade only their own assets; criminal liability for participating in the unlawful issuance of stablecoins should require actual knowledge, coordination with the issuer, and provision of substantial assistance. The association also recommended that trading platforms be permitted to assess the compliance of foreign stablecoins based on official issuer lists and trading prohibitions, and that the standard for determining a user's location in permissionless protocols be adjusted.
Key points
01
The Blockchain Association stated that it has submitted comments on the U.S. Treasury Department's proposed implementation rules for Article GENIUS of the 3 Act.
02
The association recommended clarifying the scope of "digital asset service providers" and excluding infrastructure such as self-custody software and validators, as well as businesses that trade only their own assets.
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The association recommended that criminal liability for participating in the unlawful issuance of stablecoins should require actual knowledge, coordination with the issuer, and provision of substantial assistance.
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The association recommended that trading platforms be permitted to assess the compliance of foreign stablecoins based on official issuer lists and trading prohibitions.
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The association also recommended adjusting the standard for determining a user's location in permissionless protocols.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This item concerns a trade association's rulemaking recommendations to the U.S. Treasury Department, focusing on which participants should be brought within regulation, under what circumstances criminal liability may arise, and how platforms should determine whether foreign stablecoins are compliant. These are currently the association's recommendations and do not constitute rules already in effect.
Why it matters to readers
If the relevant recommendations are adopted, the scope of responsibility for stablecoin market participants, trading platforms, and infrastructure providers may become clearer; however, the original text does not state whether the Treasury Department will adopt them.
Beginners should distinguish between a "trade association submitting comments" and the "government formally issuing rules": the former is only a policy recommendation and cannot be directly treated as a change in regulatory requirements.
Risks and unknowns
The original text of the Blockchain Association's comment letter was not provided, so the complete wording of the recommendations cannot be verified.
The original text of the U.S. Treasury Department's proposed rules was not provided, so the scope of the specific provisions cannot be verified.
It remains unclear whether the U.S. Treasury Department will adopt these recommendations.
The evidence does not specify the release date of the final rules, the formal definitions, or the standards of liability.
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Related concepts
digital asset service provider
This term is not in the glossary yet. Browse related concepts in the glossary.
