The U.S. Financial Technology Commission's Position on stablecoin Anti-Money Laundering/Counter-Ter

The U.S. Financial Technology Commission expresses its opinion on stablecoin anti-money laundering/counter-terrorism financing rules

The U.S. Financial Technology Commission (AFC) has expressed its opinion on the stablecoin anti-money laundering/counter-terrorism financing rules prepared to implement the GENIUS Act, adding industry voice to this rule-making process. The rule aims to set anti-money laundering and sanctions compliance expectations for approved issuers of payment stablecoins.

The proposal at the center of controversy came from the U.S. Treasury Department, which proposed a rule to implement the GENIUS Act's requirements to crack down on illegal financial activities. The rule was officially announced in the Federal Register on April 10, 2026 for public comment and involves approved issuers of payment stablecoins.

Fintech Commission's Opinion on Proposed Rules

The Fintech Commission (AFC) is an industry association that represents fintech companies and technology-focused financial companies. Their opinions are significant because feedback from industry groups is part of the formal notification and comment process that affects how regulators finalize rules. AFC's position was set out in a statement by its chief policy officer Ian P. Moloney, responding to proposed rules for anti-money laundering/counter-terrorism financing and sanctions compliance risk management for payments in stablecoins. The organization also submitted a formal response to the development of anti-money laundering/counter-terrorism financing rules under the GENIUS Act.

Key Points

The U.S. Treasury Department has proposed a rule to implement anti-money laundering/counter-terrorism financing requirements in the GENIUS Act for issuers authorized to pay stablecoins.

The Financial Technology Commission submitted its formal opinion through its chief policy officer Ian P. Moloney.

The rule will be published in the Federal Register on April 10, 2026 for public comment.

How stablecoin anti-money laundering/counter-terrorism financing rules affect compliance expectations

Anti-money laundering/counter-terrorism financing is anti-money laundering and counter-terrorism financing. Applied to stablecoins, these standards will require issuers to establish procedures to detect and report suspicious activity and screen sanctioned parties. According to a Financial Crimes Enforcement Network (FinCEN) fact sheet on a plan to be approved to pay stablecoin issuers, the rule development defines how these issuers should manage anti-money laundering/counter-terrorism financing and sanctions compliance risks. The proposal itself is different from the AFC's response: the former is regulatory text, and the latter is feedback from stakeholders on the text.

Compliance and monitoring obligations are at the core of how stablecoins handle payments. Security incidents involving dollar-pegged tokens, such as the reported Arbitrum AFX bridging attack (suspected of being related to USDC losses), highlight why regulators are concerned about monitoring and reporting stablecoin flows.

Why AFC's response is important to the entire stablecoin debate

Stakeholder opinions such as AFC can influence how regulators adjust final requirements, which in turn may affect the compliance burden on fintech companies and stablecoin issuers. Opinion from industry groups suggests which rules the industry believes are feasible and which are too strict.

Anti-money laundering/counter-terrorism financing standards are widely regarded as central to the legitimacy of stablecoins, as payment tokens that lack credible controls will face resistance from banks, regulators and mainstream adopters. Clear rules on illegal financial risk are a prerequisite for use by a wider range of institutions.

Readers interested in this topic should note the end of the public comment period and any final rules immediately following the April 10 Federal Register publication. The direction taken by the Ministry of Finance after reviewing opinions from groups such as the AFC will determine the actual compliance path for stablecoin issuers.