The Blockchain Association has submitted comments to the US Treasury regarding proposed rules under the GENIUS Act, focusing on stablecoin regulation. They are urging the Treasury to clarify liabilities related to decentralized finance (DeFi) software and foreign stablecoin issuers. The association argues that the rules, designed for regulated payment issuers, should not unintentionally impact unrelated software and market participants. A key area of contention is the definition of a digital asset service provider, with the Blockchain Association advocating for a distinction between customer-facing businesses and infrastructure providers. They also want a stricter interpretation of "knowing participation" in unlawful stablecoin issuance, requiring genuine knowledge and substantial assistance. The association expressed concern over how foreign-issued stablecoins would be handled, suggesting compliance should not assume providers can investigate issuers with whom they lack direct ties. These are currently advocacy positions, and the Treasury has not yet adopted them. Regulators face the challenge of balancing industry requests for practical rules with their mandate to combat financial crime. The final wording of these rules will significantly influence whether compliance becomes a burden primarily for stablecoin issuers or extends broadly across the ecosystem.