U.S. Treasury · US Congress · NewsBTC
Crypto Industry Group Asks Treasury To Clarify GENIUS Act Rules For DeFi
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Key facts
- TL;DR: The Blockchain Association has urged the US Treasury to draw clearer lines around DeFi software, foreign stablecoin issuers and who could face liability under proposed GENIUS Act rules
- The fight over US stablecoin regulation is shifting from Congress to the details of implementation
- Strict editorial policy that focuses on accuracy, relevance, and impartiality
- One sticking point is the definition of a digital asset service provider
Summary
TL;DR: The Blockchain Association has urged the US Treasury to draw clearer lines around DeFi software, foreign stablecoin issuers and who could face liability under proposed GENIUS Act rules. The fight over US stablecoin regulation is shifting from Congress to the details of implementation. One sticking point is the definition of a digital asset service provider. It also disputes how the rules might define knowing participation in unlawful stablecoin issuance.