Blockchain Association backs federal rulemaking under GENIUS stablecoin law

The Blockchain Association, a U.S. crypto lobbying group, has submitted a comment letter supporting federal rulemaking under the GENIUS stablecoin law, according to The Block. The letter was sent to the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corp., and argued that overlapping regulation should be avoided, including by limiting KYC requirements to direct transactions between issuers and customers. The GENIUS law requires businesses seeking to issue payment stablecoins in the United States to obtain federal or state authorization in principle, and also restricts the circulation in the U.S. of stablecoins issued by overseas issuers that do not meet certain requirements. The law has already been enacted, and relevant agencies including the Treasury Department are now drawing up implementing rules needed to apply it in the market. The U.S. Treasury Department had previously released a draft of those rules and begun gathering public feedback.