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Blockchain Association, Treasury Department Opinion: 'General Market Making Is Not Illegal Issuance Participation'

The U.S. Blockchain Association has called on the U.S. Treasury to ensure that regular market making and secondary market trading should not be considered participation in illegal stablecoin issuance.

By DeFi Tools Guide Editorial Team · Published Oct 20, 2026, 12:36 AM UTC · Updated 2026-10-20 · Risk level: medium
Sources checked: Oct 20, 2026, 1:12 AM UTC

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What happened

The U.S. Blockchain Association has called on the U.S. Treasury to ensure that regular market making and secondary market trading should not be considered participation in illegal stablecoin issuance. On the 19th, the association submitted a formal opinion on the enforcement rules for Article 3 of the GENIUS Act to the Ministry of Finance. The key point of the opinion is the boundaries of the subject of regulation. In an opinion piece, the American Blockchain Association asked for clarity on the scope of DASP oversight, Wu Blockchain reported. It is intended to ensure that self-contained software, blockchain verifiers, decentralized financial (DeFi) liquidity providers, and institutions that only transact with their own accounts are not subject to regulation based on related activities alone.

Reported details

No additional source details were retained.

Why this matters

This reads as a change in infrastructure rather than a move in price, and that distinction decides what is worth verifying: whether the underlying record moved, or only the interface around it. If a ledger, custodian or settlement term is unchanged, then anything built on top of it behaves the same too, however the announcement is framed. Subject of the report: Blockchain Association Treasury Department.

Evidence boundary

On Blockchain Association Treasury Department, the scope is limited to what the linked 2 reports state, and where they diverge both positions are recorded without either being picked in advance; the headline figure is what to check first.

What to verify

If Blockchain Association Treasury Department points at a contract or a chain, verify the deployed address and version there. If it describes an internal or corporate change with no on-chain component, the chain is the wrong place to look.

Sources and editorial check time

This information is educational and is not financial, legal, or tax advice.

Sources