The GENIUS Act's current iteration faces scrutiny from Senate Democrats who want amendments that may infringe on user privacy during crypto transactions, especially for Bitcoin. A Democratic staff analysis critiques the bill’s approach to stablecoins, branding them as facilitators of illicit finance. This perspective contrasts with the stance from the Department of Justice, which prefers not to penalize crypto mixing services for individual misuse. The impending amendments signal a potential shift in legislative focus that could significantly affect privacy rights within the crypto space.
The GENIUS Act, crucial for stablecoins, is under scrutiny due to proposed amendments that could significantly compromise user privacy in crypto transactions, particularly for Bitcoin.
Documents show Senate Democrats aim to amend the GENIUS Act, raising concerns over user privacy and the classification of stablecoins as tools for illicit finance.
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