U.S. Treasury · US Congress · The Block
The Treasury sought public feedback on its proposed regulations for the GENIUS Act
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The association said that it supports the agency's core objective of ensuring that payment stablecoins are safe, trustworthy, and issued by regulated companies that maintain adequate reserves.
Key facts
- The Blockchain Association has urged the U.S. Treasury Department to clarify key terms of its proposed rules implementing Section 3 of the GENIUS Act, which governs who can issue, offer, and sell
- The Treasury sought public feedback on its proposed regulations for the GENIUS Act, a landmark stablecoin legislation signed into law last year and expected to take effect in January 2027
- In a 26-page letter filed Monday, the industry group expressed support for the Treasury's core approach but called for clearer lines on the definition of digital asset service providers (DASPs)
- Specifically, the group called for clearer definitions of DASPs, which determine which businesses are subject to certain stablecoin rules
Summary
The Blockchain Association has urged the U.S. Treasury Department to clarify key terms of its proposed rules implementing Section 3 of the GENIUS Act, which governs who can issue, offer, and sell payment stablecoins in the country. In a 26-page letter filed Monday, the industry group expressed support for the Treasury's core approach but called for clearer lines on the definition of digital asset service providers (DASPs), "knowing participation" standards, and foreign issuer requirements. The Treasury sought public feedback on its proposed regulations for the GENIUS Act, a landmark stablecoin legislation signed into law last year and expected to take effect in January 2027. Specifically, the group called for clearer definitions of DASPs, which determine which businesses are subject to certain stablecoin rules.