On October 19, the National Cryptocurrency Association (NCA) and the Blockchain Association submitted recommendations to the U.S. Treasury regarding the implementation of the GENIUS Act on stablecoins. The NCA is advocating for a transition period allowing existing holders to convert or sell their stablecoins if they become ineligible, as well as clear rules on recovering stolen stablecoins and protecting self-custody wallets. The Blockchain Association warns of excessive compliance burdens imposed on crypto companies, exchange platforms, and DeFi protocols, and opposes impractical requirements to identify users on decentralized networks. Both organizations are also calling for clearer rules regarding algorithmic stablecoins, token bridges, and wrapped tokens. These recommendations follow the U.S. Federal Reserve’s proposal of two sets of rules under the GENIUS Act.
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