Blockchain Association Calls For Clearer Rules In Treasury GENIUS Act Rollout
The Blockchain Association has filed comments on the Treasury's proposed rule implementing the GENIUS Act, targeting decentralized finance and foreign issuer regulations.
Update (Oct 20, 04:55 UTC): The Blockchain Association filed a 26-page comment letter urging the U.S. Treasury to clarify stablecoin intermediaries, foreign checks, and liability standards under the GENIUS Act rules.
The Blockchain Association filed formal comments regarding the United States Treasury Department's proposed rule to implement the GENIUS Act, according to TheBlock. The legislation governs regulatory frameworks surrounding who is permitted to issue and sell payment stablecoins.
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Regulatory Framework Concerns
In its submission, the industry group emphasized that the current rollout requires clearer guidelines, specifically concerning decentralized finance protocols and foreign issuers operating within the sector. The proposed implementation directly impacts entities involved in issuing and selling payment stablecoins under federal oversight.
Key facts
- The Blockchain Association filed comments on the Treasury's proposed rule implementing the GENIUS Act.
- The legislation governs who can issue and sell payment stablecoins.
- The group highlighted the need for clearer regulations regarding decentralized finance and foreign issuers.
Source: theblock.co
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