Blockchain Association Urges Treasury to Narrow Stablecoin Rule's Reach

The Blockchain Association is pressing Treasury to narrow the reach of its proposed GENIUS Act stablecoin rule, seeking clearer limits on which crypto businesses would face U.S. issuance and sales restrictions. In comments filed Oct. 19, the industry group supported Treasury’s basic approach to implementing Section 3 of the law but asked it to define digital asset service providers more precisely. A firm trading for its own account should not fall under that definition solely because it buys or sells stablecoins, the group argued. The association also wants the rule to make clear how the law’s exclusions apply to self-custody software, transaction validation and certain arrangements that supply liquidity for direct transactions between individuals.

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