[DigitalToday reporter Jinju Hong (홍진주)] The U.S. Treasury has begun drafting implementing rules that would effectively make anti-money laundering (AML), counter-terrorist financing (CFT) and sanctions compliance systems mandatory for payment stablecoin issuers. Issuers would also have to be able to block, freeze or reject certain stablecoin transactions.

On April 8 local time, blockchain media outlet Cointelegraph reported that the Treasury said the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) jointly released a proposed rulemaking that day to implement the Genius Act. The Genius Act is legislation on stablecoin payments signed by U.S. President Donald Trump in July 2025.

Under the proposal, payment stablecoin issuers must establish and maintain AML and CFT programs and also operate a separate sanctions compliance program. These issuers would be treated as financial institutions under the Bank Secrecy Act.

The key is that the proposal imposes transaction control obligations on issuers. It specifies that issuers must be able to block, freeze or reject some stablecoin transactions. Snir Levi (스니르 레비), chief executive of blockchain intelligence firm Nominis, said the change would effectively turn stablecoin issuers into gatekeepers similar to banks. He said that fully applying the Bank Secrecy Act and OFAC rules could lead to a large-scale increase in wallet freezes, transaction blocks and asset seizures.

The step is part of follow-up implementation procedures for the Genius Act. The law was designed to take effect 18 months after it was signed in July 2025, or 120 days after federal authorities issue related rules. The market has viewed the law as positive for the crypto market because it provides an institutional framework for stablecoin issuance.

The Federal Deposit Insurance Corp (FFDIC) also released a separate proposed implementing rule on April 7. The FFDIC said that stablecoin holders themselves are not covered by deposit insurance protection under the Genius Act. It said issuers' reserve deposits could be protected. It effectively separated the scope of protection for stablecoin users from protection for issuers' reserves.

In the U.S. Congress, discussions are being delayed on the Clarity Act, which addresses the market structure for digital assets. The bill passed the House last year, but the Senate Banking Committee has yet to reschedule a markup, a required step before a full vote. In this situation, the crypto industry and the banking sector are meeting White House officials to discuss stablecoin interest payments, tokenised stocks and ethics issues.