US Treasury proposes stablecoin rules for AML

The U.S. Treasury Department, through the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC), has unveiled a proposed rule targeting stablecoin issuers. This initiative aims to combat money laundering and the financing of terrorism, aligning with the new Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. Treasury Secretary Bessent stated the proposal seeks to protect the U.S. financial system without hindering innovation. The rule is part of a broader regulatory effort with a compliance deadline set for January 2027.