Blockchain Association Urges Treasury to Narrow GENIUS Act Stablecoin Rule

The fight here is over liability design, not stablecoin policy in the abstract: an actual-knowledge standard would shield intermediaries from enforcement tied to conduct they cannot see, while a broader reading pulls validators and DeFi tooling into the perimeter. That scope question matters most for infrastructure providers whose exposure depends on how far Treasury reaches beyond issuers themselves. Whether Treasury adopts the knowledge threshold or keeps a wider net is the open question, and the answer will shape how much legal risk sits with the plumbing rather than the issuer.