THEY WANT TO KYC THE HANDOFF — THE FIGHT MOVES FROM THE ISSUER TO THE WALLET

In an August 21 comment letter, the Blockchain Association — led by former CFTC commissioner Summer K. Mersinger — urged FinCEN, the OCC, the Fed, the FDIC and the NCUA to keep GENIUS Act identity checks at the issuer, and to leave alone “downstream, peer-to-peer stablecoin transactions that issuers do not intermediate, facilitate, or approve.” Extend KYC to the handoff, they argue, and you cripple the thing. The Maximalist read: the whole point of holding your own keys is that no one has to approve the transfer — the moment a wallet-to-wallet send needs a name attached, it is a bank account with extra steps. The line they are drawing at the issuer is the line. Watch where it moves.