[GENIUS Act Does Not Exempt Stablecoin Companies from State-Level Licensing Requirements] Odaily Planet Daily reports that while the GENIUS Act establishes a federal framework for the issuance of stablecoins, it does not exempt all companies handling stablecoins from fund transfer regulations. Exchanges, wallets, payment processors, and remittance companies may still need to register with the Financial Crimes Enforcement Network (FinCEN) as money services companies and obtain state-level fund transfer or virtual currency licenses. Whether a company needs a license depends on whether it receives, controls, exchanges, or transfers value for customers, and which entity performs each step. Issuance approval or FinCEN federal registration does not automatically fulfill other federal or state-level licensing requirements. The GENIUS Act provides state-law priority arrangements for certain approved issuers, but does not universally exempt third parties such as exchanges, distributors, wallets, and payment companies. Definitions, exemptions, and licensing regimes for virtual currencies and fund transfers vary by state, requiring companies to be assessed separately based on their business activities and operating regions. (Bitcoin.com News)