The Blockchain Association is asking U.S. regulators to keep customer-identification requirements for permitted payment stablecoin issuers focused on their direct customers, rather than extending those duties across the wider stablecoin ecosystem.
The industry group submitted comments on a proposed customer identification framework under the GENIUS Act, arguing that regulators should provide clearer boundaries around who qualifies as a customer and when an account is established. The debate comes as regulators work to establish how traditional anti-money laundering and know-your-customer requirements should apply to stablecoins and the people and businesses that use them.
1/ On Friday, Blockchain Association filed comments on federal agencies’ proposed customer identification requirements for permitted payment stablecoin issuers under the GENIUS Act.
We support the goal of preventing illicit use of digital assets, and support the proposal’s core… pic.twitter.com/E
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