The Blockchain Association has filed a letter in support of several U.S. federal agencies' joint proposed rules for stablecoin issuers under the GENIUS Act, a landmark stablecoin framework signed into law last year.
The industry group announced Monday that it submitted a comment letter on Friday in response to the rules proposed by the Treasury's Financial Crimes Enforcement Network, Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation and the National Credit Union Administration.
Comments on the proposed rules closed on Aug. 21.
The GENIUS Act sets out rules deciding who can issue payment stablecoins, what those tokens must be backed by, and how holders can redeem them.
Specifically, the act requires permitted payment stablecoin issuers (PPSIs) to maintain an effective customer identification program (CIP).
