The Blockchain Association sent a comment letter to federal regulators on August 21, opposing the scope of proposed Know Your Customer rules for stablecoin issuers under the GENIUS Act. The organization wants identity verification obligations limited to primary market activity, specifically direct stablecoin minting and redemption where an explicit contractual relationship exists between issuer and customer. It also advocates for zero-knowledge proofs as an acceptable verification method to protect user privacy without accumulating sensitive personal data. The association is further requesting that federal agencies synchronize their compliance deadlines to prevent issuers from facing conflicting or overlapping requirements.
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