U.S. Blockchain Association: Comments on the implementation rules of the "GENIUS Act," calling for clarification of the responsibility boundaries for stablecoin business

The American Blockchain Association stated that it has submitted comments on the proposed implementation rules for Section 3 of the GENIUS Act by the U.S. Department of the Treasury. The association recommends clarifying the scope of "digital asset service providers" to exclude self-custody software, validators, and businesses that only trade their own assets; regarding criminal liability for participating in the illegal issuance of stablecoins, it should be based on actual knowledge and substantial assistance coordinated with the issuer.

The association also suggested that trading platforms could determine the compliance of foreign stablecoins based on the official issuer list and trading bans, and adjust the criteria for determining user locations in unlicensed agreements.