U.S. Blockchain Association Submits GENIUS Act Comments, Seeks Clearer Stablecoin Responsibilities
The U.S. Blockchain Association said it submitted comments on the Treasury’s proposed implementing rules for Section 3 of the GENIUS Act, calling for clearer boundaries around stablecoin business responsibilities. According to ChainCatcher, the association recommended defining “digital asset service providers” to exclude self-custody software, validators and other infrastructure, as well as businesses that transact only in their own assets. It said criminal liability for participating in the unlawful issuance of stablecoins should require actual knowledge and substantial assistance coordinated with the issuer. The association also recommended that trading platforms assess foreign stablecoin compliance using official issuer lists and trading prohibitions, and that regulators adjust how user locations are determined for permissionless protocols.