The issuer of USDC personally wrote an opinion letter, with the core message: Don't use the old map to find the new continent. If smart contracts can do the job, why bother queuing at the manual counter?

CryptoWorld News reports that, according to Crowdfund Insider, Circle has submitted two comment letters to the U.S. Department of the Treasury in response to proposed rules by FinCEN on anti-money laundering (AML) and sanctions frameworks, as well as FinCEN and OFAC's AML/CFT and sanctions compliance rules for licensed payment stablecoin issuers (PPSI) under the Genius Act. Circle urges 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 be designed solely around banks but should also apply to non-bank entities like stablecoin issuers.