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The U.S. crypto lobbying group Blockchain Association said on X it had submitted a comment letter to the Treasury Department urging clearer implementing rules for the GENIUS Act. The association proposed excluding self-custody software and core infrastructure such as validators from the definition of digital asset service providers, and said companies trading their own assets should not be included in the regulatory scope.
It also proposed limiting criminal liability for illegal stablecoin issuance to cases in which an issuer’s unlawful conduct was actually known and materially supported. For stablecoins issued overseas, the association suggested allowing the use of the government’s official registration list, while user location determinations should be based on information that has been actually verified.