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6/ We also asked Treasury to rule out an open-ended “functional equivalent” test for monetary value, revisit its cost estimates, and align the effective date with related GENIUS Act rules.
Read our full comment letter: theblockchainassociation.org…
5/ Fourth: location. On permissionless protocols, a firm may see only a wallet address.
The proposed “reasonable belief” standard should give way to one based on actual knowledge and information gathered in the ordinary course.
4/ Third: foreign-issued stablecoins.
The proposal requires open-ended diligence on foreign issuers many exchanges have no relationship with. Congress already created public lists of registered issuers and trading bans. Firms should be able to rely on them.
1/ We filed comments today on @USTreasury's proposed rule implementing Section 3 of the GENIUS Act, covering who can issue, offer, and sell payment stablecoins in the U.S.
We applaud Treasury’s implementation efforts. Our letter seeks clearer lines so the final rule matches what Congress wrote.
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2/ First: who counts as a “digital asset service provider.”
Congress wrote that definition for businesses serving customers, and excluded core infrastructure like self-custody software and validators. Firms trading their own assets shouldn’t be swept in.
Last week, BA and @1inch brought together students, academics, and industry leaders in Washington for Groundwork, a forum focused on the future of decentralized finance and its role in higher education.
BA's @lindsayfraser0 and @DanSpuller joined the conversation on the importance of bridging industry, academia, and policy to help prepare the next generation of DeFi leaders.
Thank you to @1inch and everyone who participated!
Last week, @projectglitch_ brought together policymakers, technologists, and industry leaders at the DC Privacy Summit to discuss privacy and security.
Protecting privacy while fostering innovation is a priority for BA and our members, and we were proud to support the event and see so many of our members participating.
Thank you to @projectglitch_ for hosting an important event!
Another year wrapped for the #DCPrivacySummit! Three years on and it feels like an institution -- if you were in the room today in DC and enjoyed it you can support us by signing up for our newsletter: projectglitch.xyz
If you weren't in the room but want to know about our future events, also sign up!
Whatever you do... keep Glitching! 🐈⬛
Blockchain Association retweeted
DeFi must be protected.
Today, @BlockchainAssn and @1inch came together to host Groundwork during DC Fintech Week. Students, academics, industry, and policy pro’s all at the table.
A durable regulatory framework that protects #DeFi will come, and we must engage the next gen who will inherit and help shape its future.
#DCFintechWeek
This Friday, BA and @1inch are proud to present Groundwork, bringing together students, academics, industry leaders, and policymakers for a day of conversations on the future of decentralized finance, education, and policy.
Join us in DC!
Register here: luma.com/groundwork_dc
Groundwork is in Washington DC on purpose.
The rules for this industry are being written here. The students who will spend their careers working under those rules are at universities across the city. Groundwork puts both in one room for an afternoon.
Co-hosted by 1inch Forward and the @BlockchainAssn, during @dcfintechweek.
Seven panels and six roundtables. Speakers from @RobinhoodCrypto, @Uniswap, @circle, @digitalasset, @FireblocksHQ, @OpenZeppelin, @trmlabs, @Dune, @Alchemy and @CertiK. Faculty from Columbia, NYU, Rutgers and George Mason. Students moderate two of the main stage panels.
Learn the system you're about to inherit.
Groundwork
📅 16 October
📍 National Union Building, Washington DC
Thanks to support from @DCDAOxyz, @YAPGlobalTeam and @INPUT_global.
1/ Today’s @USOCC report confirms what lawful crypto businesses lived through for years: the nation’s largest banks kept policies that could cut them off from basic financial services for reasons that had nothing to do with financial risk…@BlockchainAssn has investigated this for years.
🧵
The OCC’s supervisory review of debanking activities at the nine largest national banks it supervises found that these banks had policies that required, encouraged, or otherwise influenced banks to deny or limit access to financial services to Americans because of their political or religious beliefs or affiliations or their lawful business activities. Read about the OCC’s findings and its efforts to guarantee fair banking for all Americans. occ.gov/FairBanking
ALT Image of buildings with text overlaid: Debanked. Guaranteeing Fair Banking for All Americans.
4/ Thank you to @USComptroller Gould and the Admin for treating this as a priority from day one. The OCC found that the nation’s largest banks “denied, debanked and discriminated against customers and lawful businesses.” These findings sync with what so many in the digital asset ecosystem have experienced over the years.
end/ While we’re happy to have this report shine a clear light on these anti-democratic practices, the work is not finished. Comptroller Gould noted that he is not satisfied that the banks’ fixes will be enough on their own. Lawful businesses need clear protections, no matter who is in charge of our regulatory agencies.
Blockchain Association retweeted
A White House official said Witt's "detail has expired" in an email to The Block on Wednesday.
"The White House appreciates his time and service to the Trump Administration, and wish him the best of luck in the future endeavors," the official added.
Witt is the third top crypto lead to leave the White House, following David Sacks and Harry Jung.
"The American digital asset industry wouldn’t be where it is today without Patrick Witt, who worked at the highest levels of government to make the United States the crypto capital of the world," said @lindsayfraser0 in a statement.
theblock.co/news/regulation/…
"The American digital asset industry wouldn’t be where it is today without @patrickjwitt, who worked at the highest levels of government to make the United States the crypto capital of the world. He never lost sight of what American leadership in this technology demanded, and when the issues got hardest, he was the one who brought every side to the table and kept them there." - @lindsayfraser0
theblock.co/news/regulation/…
Reporting by @TheBlockCo's @ForTheWynn_
Today at @fintechthinksdc, @SummerMersinger and @Chris_Jonas_DC led a Campfire Circle “What’s the Policy Outlook on Digital Assets?” discussing the path ahead for U.S. digital asset policy.
Thank you for having us!
Last week’s inaugural General Counsel Breakfast with @KattenLaw launched a new series for BA member legal leaders to connect on shared regulatory and compliance priorities.
Read @SophiaCookDC’s X article for a recap and what’s ahead as the series continues.
