TechFlow News, June 10: According to The Block, Hyperliquid Policy Center and Paradigm jointly sent a letter to the U.S. Department of the Treasury urging revisions to a proposed anti-money laundering (AML) rule, arguing that it could impose strict liability on stablecoin issuers for secondary-market transactions over which they lack substantive control.
The two parties stated their support for focusing compliance obligations primarily on the primary market—where issuers can identify customers—but recommended clarifying or narrowing requirements related to the secondary market to avoid unintended consequences for permissionless blockchain infrastructure and the decentralized finance (DeFi) ecosystem. The rule was jointly proposed in April by the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) to implement provisions of the GENIUS Act.
