ImportantBlockchain Association of the United States Submits Comments on GENIUS Act Implementation Rules, Calls for Clarification of Stablecoin Business Responsibility Boundaries
The Blockchain Association of the United States states that it has submitted comments on the proposed implementation rules for Section 3 of the GENIUS Act released by the U.S. Department of the Treasury. The association recommends clarifying the scope of "digital asset service providers" to exclude self-custody software, validator infrastructure, and enterprises that only trade their own assets. For criminal liability related to illegal stablecoin issuance, the association proposes that such liability should only apply when a party has actual knowledge of the illegal activity and coordinates with the issuer to provide substantial assistance. The association also suggests that trading platforms may assess the compliance of offshore stablecoins based on official issuer lists and trading bans, and adjust the criteria for determining user location in permissionless protocols.
Source: PANewsRead original
- #Stablecoin