Blockchain Association urges Treasury to limit stablecoin rule, exclude DeFi

The Blockchain Association has called on the U.S. Treasury to clarify and narrow the scope of its proposed rules on stablecoin issuance, urging the department to set a stricter standard before finding crypto companies in violation of the GENIUS Act. The industry group submitted a 26-page comment letter on October 19, marking the final day for public feedback on Treasury’s proposal to implement Section 3 of the new stablecoin law. This section determines which entities are permitted to issue payment stablecoins in the United States, as well as the conditions under which digital asset service providers (DASPs) may sell or offer these coins to U.S. residents.

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