Hyperliquid Policy Center and Paradigm urge the U.S. to amend the proposed anti-money laundering rules
According to The Block, the Hyperliquid Policy Center (HPC) and venture capital firm Paradigm jointly wrote to the U.S. Department of the Treasury, requesting modifications to a proposed anti-money laundering rule. This rule was jointly proposed in April by the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC), aiming to treat stablecoin issuers as financial institutions and requiring them to bear strict liability for transactions that cannot be effectively monitored.
HPC and Paradigm stated in the letter that they support FinCEN's focus on compliance obligations in the primary market, where issuers know their customers; however, in the secondary market, where issuers only see wallet addresses and transaction amounts, a more lenient approach should be taken. They believe that extending issuer liability to secondary market activities conducted through smart contracts will lead issuers to only deploy stablecoins in licensed environments, causing regulated stablecoins to exit DeFi and be replaced by unregulated offshore non-U.S. alternatives.
HPC and Paradigm suggested narrowing the definition of "activities related to payment stablecoins" and reconsidering OFAC's handling of interactions involving smart contracts.
You may also like

Morning Report | DeepSeek completes over $7 billion in financing, with a valuation exceeding $50 billion; Musk's personal wealth has surpassed the total market value of Bitcoin

Cursor, why did you get on Musk's spaceship?

In the name of charity, for the benefit of the family: How the Trump family turned charity into profit?

Will Gold Break $4,500 After Tonight's Fed Decision? What XAUT and PAXG Traders Need to Know

SharpLink CEO: How to understand that Ethereum developers have just surpassed 1 million?

Morning Report | MiCA grace period expires on July 1; Kalshi's trading volume in the first week of the World Cup breaks $5.1 billion, setting a record

The foundation of SpaceX's trillion-dollar valuation: Who is dividing Musk's annual capital expenditure of tens of billions?

How to exit after asset tokenization?

The stablecoin positioning battle escalates: When compliance is just a ticket to entry, will USD1 become the biggest winner?

A16Z: The sun bears witness, SpaceX is worth 7.5 trillion

Mergers and acquisitions in the cryptocurrency market are exceptionally active

Concerns Behind the Binance Customer Service Controversy

SpaceX Stock Prediction After the IPO: Can SPCX Reach $200 Before QQQ Inclusion?

Congratulations to Carl Moon on His Historic Ferrari Challenge Le Mans Podium Triumph
Crypto influencer and racing enthusiast Carl Moon finished third in the Ferrari Challenge Le Mans Coppa Shell class, marking his best result of the year. As his racing partner and sponsor, WEEX celebrates this remarkable achievement and continues to lead crypto’s journey beyond boundaries, uniting the innovation of digital assets with the passion of motorsport.

Can the CLARITY Act Become Law by July 4? Everything You Need to Know About the Final Battle

France vs Senegal World Cup 2026: Mbappe’s New Era Begins Against a Historic Rival

What is the connection between Huang Zheng of Pinduoduo and blockchain?





