FinCEN と OFAC の規則が本当に公開台帳の透明性を活用できるなら、ステーブルコイン発行者のコンプライアンスコストは従来の銀行よりも低くなる可能性がある——重要なのは、規制当局がこの技術的論理を認めることであり、旧枠組みを無理に押し付けることではない。

According to Crowdfund Insider, Circle has submitted two opinion letters to the U.S. Department of the Treasury in response to proposed rules for FinCEN's anti-money laundering (AML) and sanctions framework, as well as FinCEN and OFAC's AML/CFT and sanctions compliance rules for licensed payment stablecoin issuers (PPSI) under the GENIUS Act. Circle calls on regulators to recognize blockchain-native compliance tools such as on-chain monitoring, smart contract-level address restrictions, transaction graph analysis, and transparency of public ledgers, and states that relevant rules should not only be designed around banks but also apply to non-bank entities such as stablecoin issuers.