Anchorage backs Treasury’s GENIUS AML rules, seeks secondary-market sanctions clarity
A public comment letter argues that regulated stablecoin issuers need clearer compliance standards to avoid sanctions risks tied to secondary-market activity.
Anchorage Digital, a federally chartered crypto bank and stablecoin infrastructure provider, has submitted a public comment letter supporting the US Treasury Department’s proposed Anti-Money Laundering (AML) and sanctions framework for the GENIUS Act, arguing that the rules largely strike the right balance between compliance and innovation.
In a letter published Wednesday, Anchorage said the proposed framework appropriately places AML obligations on regulated stablecoin issuers while urging Treasury to clarify secondary-market sanctions liability, enterprise-wide AML programs and correspondent account requirements.
Specifically, Anchorage argued that issuers should not face strict liability for failing to independently identify sanctioned users who transact on secondary markets through their smart contracts.