Blockchain Association Urges Clearer Stablecoin Scope in GENIUS Act Identification Rules
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The Blockchain Association's comments on GENIUS Act implementation argue KYC/CIP duties should apply mainly to issuer-customer primary market interactions, while peer-to-peer stablecoin transfers remain outside issuer obligations. It also warns against duplicative compliance across overlapping regimes and supports use of modern digital identity tools. The debate signals potential changes to stablecoin compliance scope, affecting issuer operating costs and the usability of on-chain transfers.
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The Blockchain Association has filed comments on proposed customer identification requirements under the GENIUS Act, calling for clearer boundaries around stablecoin activity.
The group said regulators should center any identification obligations on issuer relationships in the primary market. It argued that independent, peer-to-peer stablecoin transfers should not be treated as issuer responsibilities.
The association also cautioned against duplicative compliance burdens created by overlapping rules across different regulatory frameworks. It added that modern digital identity tools should be allowed for customer verification.
