US Blockchain Association Submits Comments on GENIUS Act Implementation Rules, Calls for Clarifying Liability Boundaries for Stablecoin Businesses

PANews reported on October 20 that the US Blockchain Association said it has submitted comments on the proposed implementation rules for Section 3 of the GENIUS Act by the US Treasury Department. The association recommended clarifying the scope of "digital asset service providers," excluding self-custody software, validators and other infrastructure, as well as businesses that only trade their own assets. For criminal liability related to participating in the illegal issuance of stablecoins, it should be premised on actual knowledge and providing substantial assistance in coordination with the issuer. The association also suggested that trading platforms may determine the compliance of foreign stablecoins based on official issuer lists and trading bans, and adjust the standards for determining user location in permissionless protocols.