The U.S. Treasury, along with FinCEN, OCC, the Fed, FDIC, and NCUA, has proposed a joint initiative — stablecoin issuers will be classified as "financial institutions" under the Bank Secrecy Act (BSA), and will be required to implement KYC/AML Customer Identification Programs (CIP).
This is the rollout of the GENIUS Act (Stablecoin Bill), which means:
1. Stablecoin issuers like USDT/USDC are now officially under bank-level regulation.
2. A comprehensive Customer Identification (CIP) system must be established.
3. Compliance costs are set to soar, pushing out smaller players.
With regulatory boots hitting the ground, is this bullish or bearish for the stablecoin leaders? Let’s discuss in the comments.
#稳定币监管 #GENIUSAct
This is the rollout of the GENIUS Act (Stablecoin Bill), which means:
1. Stablecoin issuers like USDT/USDC are now officially under bank-level regulation.
2. A comprehensive Customer Identification (CIP) system must be established.
3. Compliance costs are set to soar, pushing out smaller players.
With regulatory boots hitting the ground, is this bullish or bearish for the stablecoin leaders? Let’s discuss in the comments.
#稳定币监管 #GENIUSAct