FinCEN and OFAC Propose AML/Sanctions Rules for Stablecoin Issuers Under GENIUS Act

The Financial Crimes Enforcement Network (FinCEN) and U.S. Department of the Treasury's Office of Foreign Asset Control (OFAC) on April 8, 2026, jointly published a Notice of Proposed Rulemaking (Proposed Rule) implementing the Guiding and Establishing National Innovation for U.S. Stablecoins Act's (GENIUS Act) directive to treat permitted payment stablecoin issuers (PPSIs) as financial institutions for purposes of the Bank Secrecy Act (BSA). The agencies also issued a corresponding fact sheet.... By: Holland & Knight LLP