Anchorage backs Treasury’s GENIUS AML rules, seeks secondary-market sanctions clarity
Anchorage Digital backed Treasury’s proposed AML and sanctions framework for the GENIUS Act, saying it mostly balances compliance and innovation. It supports placing AML duties on regulated stablecoin issuers but wants clearer rules on three areas: secondary-market sanctions liability, enterprise-wide AML programs, and correspondent account requirements. Anchorage argues issuers should not face strict liability for failing to identify sanctioned users interacting through smart contracts on secondary markets. The proposal would treat payment stablecoin issuers as financial institutions under the Bank Secrecy Act, requiring AML, customer due diligence, suspicious activity reporting, monitoring, and recordkeeping. Support from the crypto industry is mixed; Hyperliquid and Paradigm also want clearer secondary-market guidance but are more critical of the framework overall.
