Blockchain Association Seeks Explicit Exemptions in GENIUS Act Rule

The Blockchain Association wants Treasury to spell out existing GENIUS Act exemptions in a proposed stablecoin rule, clarifying which crypto businesses would face U.S. issuance and sales restrictions. In comments submitted Oct. 19, the group focused on Treasury’s proposal to implement Section 3 of the law. The GENIUS Act already excludes specified self-custodial interfaces and validation activities from the definition of a “digital asset service provider.” Treasury’s proposal incorporates those exclusions by reference, but the association wants them stated directly in the rule. The group also wants Treasury to clarify that buying or selling stablecoins for a firm’s own account does not, by itself, make the firm a digital asset service provider.

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