U.S. Senate Revises GENIUS Act S.1582 to Extend AML Compliance and Oversight Over Foreign Stablecoins Including Tether, Impacting DeFi

The revised GENIUS Act (S. 1582) in the U.S. Senate expands regulatory oversight to include foreign stablecoin issuers serving U.S. users, notably bringing Tether under U.S. jurisdiction regardless of its headquarters location. The legislation broadens the definition of digital asset service providers to encompass developers, validators, and self-custody wallets, extending anti-money laundering (AML) compliance requirements to these entities. While the bill is seen as favorable to Tether, it may pose challenges for decentralized finance (DeFi) facilitators. This development marks a tightening of regulatory controls over stablecoins and digital assets in the United States. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

Source: The Defiant