Blockchain Association Submits Comments on GENIUS Act Stablecoin Identity Rules

Blockchain Association said it submitted comments on federal agencies' proposed customer identification requirements for permitted payment stablecoin issuers under the GENIUS Act. According to Foresight News, the group said the requirements should focus on primary-market relationships between issuers and customers and should not extend to downstream peer-to-peer stablecoin transactions that issuers did not intermediate, facilitate, or approve.It also said the final rule should avoid duplicative compliance requirements and make clear that issuers can use modern security methods, including digital identity tools, to collect and verify customer information.