GENIUS Act
U.S. Agencies Propose Stablecoin Customer ID Rules Under GENIUS Act
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Federal regulators released a proposed rule Thursday requiring stablecoin issuers to verify customer identities in line with bank standards. The measure implements last year's GENIUS Act and opens a 60-day public comment period.
A bipartisan group of U.S. senators has called on the Treasury Department to create a clear process for states to demonstrate their ability to supervise stablecoins under the GENIUS Act.
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Anchorage Digital, Paradigm, and the Hyperliquid Policy Center have called on the Treasury Department to address uncertainties in proposed stablecoin anti-money laundering rules under the GENIUS Act.
U.S. Representative Warren Davidson has warned that the GENIUS Act, signed into law in 2025, is pushing the cryptocurrency industry toward greater surveillance and centralization. He argues that the legislation favors banks and erodes Bitcoin's decentralized principles, contributing to stagnant U.S. markets. Davidson also highlighted delays in the CLARITY Act as exacerbating regulatory uncertainty.