The Blockchain Association has urged the US Treasury to clarify the proposed rules under the GENIUS Act regarding decentralized finance (DeFi). The organization wants regulators to distinguish customer-facing financial businesses from technical infrastructure such as self-custody software and validators. It also disputes the definition of knowing participation in unlawful stablecoin issuance, arguing that enforcement should require genuine knowledge and meaningful assistance. For foreign-issued stablecoins, the group requests that compliance requirements rely on accessible regulatory information rather than assumptions about every service provider’s ability to investigate issuers with no direct relationship. These positions remain advocacy requests and have not been adopted by the Treasury.
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