U.S. Treasury's FinCEN, OFAC propose AML and sanctions rules for stablecoin issuers under the GENIUS Act

The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) released proposed anti-money laundering and sanctions compliance rules for stablecoin issuers under the GENIUS Act. The proposal would classify stablecoin issuers as financial institutions under the Bank Secrecy Act, bringing them under the BSA's AML and reporting framework.