According to Mars Finance News, Jennifer J. Schulp, the Financial Regulation Research Director at Cato Institute, wrote in a CoinDesk column that the stablecoin legislation currently under review by the U.S. Congress (including the GENIUS and STABLE Acts), while aimed at combating illegal financial activities, must avoid excessive financial surveillance of users. She emphasized that if stablecoin issuers are brought under Bank Secrecy Act (BSA) regulation, it could lead to comprehensive tracking of user transactions, eroding personal privacy rights. Schulp called on legislators to balance anti-money laundering measures with innovation and privacy protection, ensuring that stablecoins do not become a government monitoring tool while promoting payment efficiency. (CoinDesk)
Viewpoint: Stablecoin legislation should protect financial privacy and prevent excessive regulation
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