Crypto Industry Group Asks Treasury To Clarify GENIUS Act Rules For DeFi

TL;DR: The Blockchain Association has urged the US Treasury to draw clearer lines around DeFi software, foreign stablecoin issuers and who could face liability under proposed GENIUS Act rules. The fight over US stablecoin regulation is shifting from Congress to the details of implementation. In comments on Treasury’s proposed Section 3 rules under the GENIUS Act, the Blockchain Association has argued that a framework designed for regulated payment issuers should not inadvertently catch unrelated software and market participants. One sticking point is the definition of a digital asset service provider. The association wants officials to distinguish customer-facing financial businesses from infrastructure such as self-custody software and validators that do not provide the same services. It also disputes how the rules might define knowing participation in unlawful stablecoin issuance.

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