$ETH
Blockchain Association of America Submits Comments on the GENIUS Act
Federal Regulatory Framework for U.S. Stablecoins Moves Closer to Implementation
Guys,
The battle over U.S. stablecoin regulation
has now moved into the fine print of the rules.
The Blockchain Association recently submitted comments to the U.S. Treasury Department,
proposing changes to the implementing rules for the GENIUS Act.
It supports establishing a regulatory framework for stablecoins,
but believes certain lines of responsibility must be clearly defined.
What is the GENIUS Act?
It is U.S. federal legislation targeting payment stablecoins.
Its core requirement is that
stablecoin issuers must maintain 100% reserve backing.
Reserves should primarily consist of highly liquid assets, such as cash and short-term U.S. Treasury securities.
It mandates monthly reserve disclosures and annual audits for large issuers,
establishing stablecoin regulatory standards at the federal level.
The Blockchain Association's key requests
The association broadly supports the GENIUS Act framework,
but has submitted comments proposing refinements to the rules.
1. Require stablecoin reserves to be segregated,
keeping users' funds separate from company funds
to reduce the risk of a run;
2. Simplify the alignment of state-level regulatory standards
to avoid conflicts between overlapping state and federal oversight
and reduce compliance costs;
3. Support banks in issuing stablecoins in compliance with regulations
and encourage traditional financial institutions to enter the market.
Maintain a principles-based approach to regulation
and avoid imposing too many rigid technical requirements,
preserving room for blockchain innovation.
The detailed rules are currently being developed for implementation.
This is positive for the U.S. dollar stablecoin sector over the medium to long term
and supports the narrative of U.S. dollar dominance.
It is a long-term positive.
#美国区块链协会提交genius法案意见
Blockchain Association of America Submits Comments on the GENIUS Act
Federal Regulatory Framework for U.S. Stablecoins Moves Closer to Implementation
Guys,
The battle over U.S. stablecoin regulation
has now moved into the fine print of the rules.
The Blockchain Association recently submitted comments to the U.S. Treasury Department,
proposing changes to the implementing rules for the GENIUS Act.
It supports establishing a regulatory framework for stablecoins,
but believes certain lines of responsibility must be clearly defined.
What is the GENIUS Act?
It is U.S. federal legislation targeting payment stablecoins.
Its core requirement is that
stablecoin issuers must maintain 100% reserve backing.
Reserves should primarily consist of highly liquid assets, such as cash and short-term U.S. Treasury securities.
It mandates monthly reserve disclosures and annual audits for large issuers,
establishing stablecoin regulatory standards at the federal level.
The Blockchain Association's key requests
The association broadly supports the GENIUS Act framework,
but has submitted comments proposing refinements to the rules.
1. Require stablecoin reserves to be segregated,
keeping users' funds separate from company funds
to reduce the risk of a run;
2. Simplify the alignment of state-level regulatory standards
to avoid conflicts between overlapping state and federal oversight
and reduce compliance costs;
3. Support banks in issuing stablecoins in compliance with regulations
and encourage traditional financial institutions to enter the market.
Maintain a principles-based approach to regulation
and avoid imposing too many rigid technical requirements,
preserving room for blockchain innovation.
The detailed rules are currently being developed for implementation.
This is positive for the U.S. dollar stablecoin sector over the medium to long term
and supports the narrative of U.S. dollar dominance.
It is a long-term positive.
#美国区块链协会提交genius法案意见