#USStablecoinBill USStablecoinBill

The legislative process concerning stablecoins in the USA is ongoing, with both main proposals including issuers under standard AML regulation (BSA - Bank Secrecy Act). However, recent serious objections from a group of senators regarding the current version of the Senate proposal (GENIUS Act), particularly due to concerns about insufficient AML safeguards, could complicate further progress or lead to additional amendments to the bill text. The final form of AML requirements and their enforcement is therefore still subject to negotiation.

* GENIUS Act: Guiding and Establishing National Innovation for U.S. Stablecoins

* STABLE Act: Stablecoin Transparency and Accountability for a Better Ledger Economy Act

The proposed AML requirements typically include:

* Establishment of AML compliance programs.

* Customer identification and verification (KYC - Know Your Customer).

* Transaction monitoring.

* Record keeping.

* Reporting of suspicious activities (SARs - Suspicious Activity Reports) to FinCEN (Financial Crimes Enforcement Network).

Despite legislative progress, new complications have emerged. A group of ten senators (including some who originally supported the proposal in committee) issued a joint statement around May 3-4, 2025, expressing serious concerns about the updated text of the GENIUS Act.

* The senators warn that the current version of the bill inadequately protects against illicit financing (weak AML safeguards) and could endanger national security and financial stability. They stated that they cannot support the bill in its current form.

* There is also a debate about the scope of AML oversight, particularly in relation to privacy protection and so-called "unhosted wallets" (wallets not controlled by a centralized institution). Some lawmakers argue against widespread surveillance of all transactions from these wallets.

* Analytical groups point out potential loopholes in the laws, such as the regulation of foreign issuers, and question whether the proposed powers for the Treasury Department are sufficient to