Anchorage Digital Supports Treasury’s GENIUS Act AML Framework
- Anchorage Digital submitted a letter supporting the US Treasury Department’s proposed Anti-Money Laundering (AML) framework for the GENIUS Act.
- The proposal classifies payment stablecoin issuers as financial institutions under the Bank Secrecy Act.
- Anchorage emphasized that issuers should not face strict liability for identifying sanctioned users in secondary markets.
- Industry groups, including Hyperliquid and Paradigm, echoed Anchorage’s concerns but criticized the proposal’s clarity on sanctions obligations.
- The framework aims to align stablecoin issuers with existing US AML and sanctions compliance standards.
The proposed rules, issued by FinCEN and OFAC, would impose enhanced monitoring and recordkeeping obligations on stablecoin issuers, addressing compliance issues in a rapidly evolving market.
Anchorage’s support highlights the need for clear guidelines as the US seeks to strengthen its leadership in payments infrastructure amidst growing regulatory scrutiny of stablecoins. (Source)
