Blockchain Group Seeks Stablecoin ID Rule Tweaks
The Blockchain Association has submitted comments to federal regulators regarding proposed customer-identification requirements for permitted payment stablecoin issuers.
The association, which represents the cryptocurrency industry, supports the proposal's principle of limiting Know Your Customer obligations to the primary market where issuers transact directly with customers. However, it requested clarification on the definition of an 'account' and permissible methods for collecting customer information.
The group also urged regulators to exclude four transaction categories from conventional requirements, including one-time stablecoin redemptions, as these do not reflect tokens' ability to circulate among wallets and exchanges after issuance.