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Hyperliquid and Paradigm File Joint Opposition to GENIUS Act Stablecoin AML Rules

GateNews
Regulation & Policy
According to a joint submission on June 9, Hyperliquid Policy Center and Paradigm filed comments with the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) opposing proposed anti-money laundering rules for stablecoin issuers under the GENIUS Act. The groups argue that the framework risks extending Bank Secrecy Act compliance obligations beyond issuers' direct customers, potentially affecting secondary market and decentralized network activity they cannot control or observe. The joint letter states that applying such requirements to peer-to-peer transfers would hold issuers accountable for transactions they neither initiate nor control, potentially discouraging innovation in the sector.
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