Stablecoin Bills Exclude Foreign Issuers

House Majority Whip Opposes Bank Secrecy Act for Stablecoin Issuers

• House Majority Whip Tom Emmer argues against applying the Bank Secrecy Act to stablecoin issuers like Tether.
• The GENIUS Act and STABLE Act propose treating all stablecoin issuers as financial institutions under this act.
• Tether, with a market capitalization exceeding $144 billion, faces potential regulatory hurdles if required to comply.
• Circle, issuer of USDC, is regulated by the New York Department of Financial Services but not yet under the Bank Secrecy Act.
• The GENIUS Act has passed the Senate Banking Committee with bipartisan support.

Tom Emmer opposes including stablecoin issuers under the Bank Secrecy Act in proposed legislation, citing concerns about unfairly excluding foreign issuers like Tether. The GENIUS and STABLE Acts suggest such measures, potentially impacting Tether’s operations in U.S. markets.