The Blockchain Association filed its comment letter on Friday on joint rules proposed by the Treasury's Financial Crimes Enforcement Network, the Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation and the National Credit Union Administration. The group supports limiting customer identification duties to the primary market, where an issuer deals with its own customer, and leaving secondary peer-to-peer transfers outside the perimeter.
Economics & Markets··Night
Reported development
Crypto lobby backs Washington's stablecoin identity rules but wants tighter definitions The Blockchain Association filed its comment letter on Friday on joint rules proposed by the Treasury's Financial Crimes Enforcement Network, the Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation and the National Credit Union Administration. The group supports limiting customer identification duties to the primary market, where an issuer deals with its own customer, and leaving secondary peer-to-peer transfers outside the perimeter. The group supports limiting customer identification duties to the primary market, where an issuer deals with its own customer, and leaving secondary peer-to-peer transfers outside the perimeter.[1]
Details in the report
The Blockchain Association filed its comment letter on Friday on joint rules proposed by the Treasury's Financial Crimes Enforcement Network, the Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation and the National Credit Union Administration. The group supports limiting customer identification duties to the primary market, where an issuer deals with its own customer, and leaving secondary peer-to-peer transfers outside the perimeter. It also asked the agencies to define account, customer and digital asset service provider more clearly, to avoid duplicate compliance work and to allow flexibility in how identity is verified.[1]
Additional context
Crypto lobby backs Washington's stablecoin identity rules but wants tighter definitions The Blockchain Association filed its comment letter on Friday on joint rules proposed by the Treasury's Financial Crimes Enforcement Network, the Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation and the National Credit Union Administration. The group supports limiting customer identification duties to the primary market, where an issuer deals with its own customer, and leaving secondary peer-to-peer transfers outside the perimeter. It also asked the agencies to define account, customer and digital asset service provider more clearly, to avoid duplicate compliance work and to allow flexibility in how identity is verified.[1]
