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Crypto

U.S. banks call for stablecoin rules to cover secondary market trading

U.S. banking groups have urged regulators to clearly extend anti-money laundering rules for stablecoins beyond issuance to secondary market trading. The crypto industry has pushed back, warning that imposing responsibility for transactions issuers cannot control could shrink the DeFi ecosystem. The debate centres on who should monitor transfers after issuance, including movements between exchanges, DeFi protocols and private wallets, and how far regulatory responsibility should reach.

Crypto

BlackRock urges changes to GENIUS Act implementing rules amid differences with OCC

BlackRock has urged the U.S. Office of the Comptroller of the Currency to withdraw a provision that would cap tokenised assets at 20 percent of stablecoin reserve assets, saying the limit is unnecessary. It said reserve-asset risk should be judged by liquidity, maturity and credit quality, not whether assets are tokenised. BlackRock also asked for clarity on what qualifies as eligible reserves, including whether Treasury ETFs qualify, and proposed adjustments to diversification options in the draft rules.

Crypto

U.S. Treasury seizes $500 million in Iran-linked cryptocurrency after USDT freeze last week

The U.S. Treasury seized about $500 million worth of Iran-linked cryptocurrency, part of the Trump administration’s Iran sanctions operation dubbed “Operation Economic Fury,” CoinPost reported. Treasury Secretary Scott Bessent said the operation secured the assets and that Washington is moving quickly to the final stage of tougher sanctions. The United States is also seizing overseas assets and stepping up monitoring with private companies. Tether froze $340 million in USDT on Tron in cooperation with OFAC.