Summary
- The U.S. Treasury Department is moving to require stablecoin issuers to monitor illicit transactions.
- The Financial Crimes Enforcement Network and the Office of Foreign Assets Control plan to jointly release a proposed rule to implement the GENIUS Act, a stablecoin regulatory bill.
- The proposal would require functions to block, freeze and reject certain transactions and internal controls to comply with the U.S. Bank Secrecy Act (BSA), potentially broadening the regulatory scope and responsibilities of issuers.
Forecast Trend Report by Period
The U.S. Treasury Department is moving to impose rules requiring stablecoin issuers to monitor illicit transactions, a step aimed at preventing money laundering and sanctions violations.
CoinDesk reported on July 8 that the Financial Crimes Enforcement Network and the Office of Foreign Assets Control plan to jointly release a proposed rule to implement the GENIUS Act, a stablecoin regulatory bill.
The proposal would require stablecoin issuers to have the ability to block, freeze or reject certain transactions. It would also mandate internal controls to ensure compliance with the U.S. Bank Secrecy Act.
The rule would broaden the scope of regulation for stablecoin issuers and could strengthen their responsibilities.
The proposal is set to go through public comment and revisions before being finalized.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
