Viewpoint: Stablecoin legislation should protect financial privacy and prevent excessive regulation

Odaily Planet Daily News: Jennifer J. Schulp, director of financial regulation research at the Cato Institute, published a column pointing out that the stablecoin legislation being considered by the U.S. Congress (including the GENIUS Act and the STABLE Act) is aimed at combating illegal financial activities, but must avoid triggering excessive financial monitoring of users. She emphasized that if stablecoin issuers are included in the Bank Secrecy Act (BSA) supervision, it may lead to comprehensive tracking of user transactions and erode personal privacy rights. Schulp called on legislators to balance innovation and privacy protection when formulating anti-money laundering measures to ensure that stablecoins do not become a government surveillance tool while promoting payment efficiency. (CoinDesk)