U.S. Moves to Bring Stablecoin Issuers Under GENIUS Act Oversight

The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) have proposed new anti-money laundering and sanctions compliance rules aimed at stablecoin issuers. The initiative targets payment stablecoin providers covered by the GENIUS Act, with issuers expected to meet bank-like compliance standards. U.S. officials said the proposal is designed to close gaps in oversight related to illicit finance while allowing innovation to continue under tighter controls.