PANews|Oct 20, 2026 00:17
[The U.S. Blockchain Association Provides Feedback on Implementation Rules for the 'GENIUS Act,' Calls for Clarification of Stablecoin Business Liability Boundaries]
The U.S. Blockchain Association stated that it has submitted comments on the implementation rules for Section 3 of the proposed 'GENIUS Act' by the U.S. Treasury Department. The association recommends clarifying the scope of 'digital asset service providers,' excluding self-custody software, validators, and infrastructure, as well as businesses that only trade their own assets. Regarding criminal liability for involvement in the illegal issuance of stablecoins, it should be contingent on actual knowledge and substantive assistance coordinated with the issuer. The association also suggested that trading platforms could determine the compliance of foreign stablecoins based on official issuer lists and trading bans, and adjust the criteria for identifying user locations in permissionless protocols.
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