Both the U.S. Senate and House are considering bills creating a regulatory framework for stablecoins, and all of the usual crypto-skeptic refrains have been sung, including the hymn that crypto is for crime.
For instance, Senator Elizabeth Warren (D-MA) warned that the Senate’s GENIUS Act “will supercharge the financing of terrorism.” During debate on the House’s STABLE Act, Representative Brad Sherman (D-CA) worried about the use of “unhosted wallets to evade” anti-money laundering provisions.
Not surprisingly, both the GENIUS and STABLE Acts include significant sections on illicit finance, including subjecting stablecoin issuers to the Bank Secrecy Act (BSA). But lawmakers must ensure that the bills’ anti-money laundering measures don’t open the door to unfettered financial surveillance of stablecoin users.
Stablecoins are crypto tokens that are pegged to the value of another asset, like the U.S. dollar. The general idea is that the stable value of these tokens will p
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