Anchorage backs Treasury's GENIUS AML plan but seeks compliance clarity

Anchorage has publicly supported the US Treasury’s GENIUS AML proposal. The company submitted a comment letter endorsing its overall approach. It also called for clearer rules on certain areas of compliance. The Treasury’s proposal aims to classify payment stablecoin issuers as financial institutions under the Bank Secrecy Act. This would require them to follow anti-money laundering and recordkeeping rules. Anchorage agreed with this classification and described the duties as practical for regulated issuers.

The GENIUS AML proposal was developed jointly by FinCEN and the Office of Foreign Assets Control. Anchorage backed its general direction but sought more clarity on liability for secondary-market transactions. It also asked for adjustments to enterprise-wide AML expectations.

In its letter, Anchorage argued that issuers should not face strict liability for unknown sanctioned users on open networks. The company pushed for precise definitions around sanctions exposure in smart contract transactions. Meanwhile, Hyperliquid and Paradigm submitted a separate joint letter with a more critical stance on the proposal’s sanctions scope. Anchorage’s support comes with requests for clearer language on liability and compliance. The Treasury’s proposal would bring stablecoin issuers under stricter AML and recordkeeping rules. The feedback period highlights differing views on how to balance regulation with innovation.