The Blockchain Association urged the U.S. Treasury Department to clarify proposed rules implementing Section 3 of the GENIUS Act. The association supported Treasury's core approach but sought clearer definitions of digital asset service providers, liability standards and foreign issuer requirements. The group argued that liability for knowing participation in unlawful stablecoin issuance should require actual knowledge and substantial assistance in coordination with the issuer. The association also recommended allowing service providers to rely on regulators' public prohibition lists rather than conduct open-ended due diligence on foreign issuers. The GENIUS Act is expected to take effect in January 2027.