Coin Center urges regulators to limit AML rules for stablecoin issuers under GENIUS Act

The Hyperliquid Policy Center (HPC), together with venture capital firm Paradigm, submitted a joint comment to the US Treasury on Tuesday, urging the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) to refine parts of its proposed stablecoin compliance rule tied to the GENIUS Act.  The rule is intended to implement anti-money laundering (AML) and sanctions requirements for “permitted payment stablecoin issuers” (PPSIs), a category the proposal says should be able to innovate in payment stablecoins while operating under an “appropriately tailored” regime designed to manage illicit-finance risk. Narrower Compliance, Less Burden While they did not oppose the overall goal of the framework, Paradigm and the Hyperliquid Policy Center argued that key elements of the proposal need clearer boundaries—especially where compliance obligations may unintentionally spill over into areas that do not fit the GENIUS Act’s structure or Congress’s intent. A maj

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How GENIUS Act and MiCA changed crypto in 2026: non-custodial wallets sit outside the regulatory net, while CEX users face delistings, KYC burden, and reduced stablecoin access.

The European Commission published its tech sovereignty package last week, including the clearest signal yet of its intention to strengthen European cloud sovereignty and reduce its dependence on US hyperscalers. It’s a response to growing concerns among European organizations and regulators about the reliance on US tech firms and legislation such as the US CLOUD Act, which could give US officials access to data — even if it is stored in Europe. But any shift toward local, sovereign cloud providers will necessarily be gradual, analysts, said as the Cloud and AI Development Act (CADA) proposals leave plenty of room for US providers to continue supplying cloud computing services to European public sector customers. “The direction is right. The execution will be slow,” said Fernando Pereiro, senior director analyst at Gartner. While the Commission has correctly identified areas where the EU is most dependent on foreign providers, delivering on its ambitions is another challenge, he said. S

GENIUS Act rules face a June 9 comment deadline as FinCEN and OFAC move stablecoin issuers toward AML and sanctions compliance.

The warning from the UK’s Financial Conduct Authority adds pressure to a perps market already under increasing scrutiny from regulators.

The Fed's pro-crypto regulatory shift could foster innovation and stability in digital finance, impacting banks, investors, and stablecoin issuers. The post Federal Reserve Vice Chair Bowman testifies on banking supervision, signals pro-crypto regulatory shift appeared first on Crypto Briefing.