On the 19th, the U.S. cryptocurrency industry group, the Blockchain Association (BA), submitted a comment letter to the U.S. Treasury concerning the proposed implementation rules for Section 3 of the GENIUS Act, which governs the issuance, provision, and sale of stablecoins. The association is calling for clarity on the regulatory scope and the criteria for involvement in illegal issuances.
The proposal, published on August 17, outlines the regulatory scope for the issuance and sale of payment stablecoins and specifies prohibited activities. The Treasury has published...