Gate News message: On April 8, the U.S. Department of the Treasury is set to issue proposed rules requiring stablecoin issuers to establish standards to combat money laundering and sanctions violations. The Treasury’s Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) will jointly develop the rules, clarifying how issuers are to comply with the GENIUS Act passed last year, including establishing controls to prevent, freeze, and reject suspicious transactions.
FinCEN will require issuers’ anti-money laundering programs to be able to pause transactions that have been flagged, and will direct more resources toward higher-risk customers and activities. When U.S. authorities pursue specific targets, regulated issuers will be required to check their own records for activities related to the flagged individuals or entities. OFAC, meanwhile, will require issuers to run risk-based sanctions compliance safeguards in both the primary and secondary markets, identifying and rejecting transactions that may violate U.S. sanctions requirements.
The proposal emphasizes respect for the industry, arguing that financial institutions understand their own money laundering and terrorist financing risks best, and companies that maintain appropriate anti-money laundering measures typically won’t face enforcement action. U.S. Treasury Secretary Scott Bessent said these steps will protect the U.S. financial system from national security threats while not hindering the growth of U.S. businesses within the stablecoin ecosystem. The proposal will enter a public comment period and may be revised before being finalized.
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