The Blockchain Association proposed a safe harbor excluding ordinary secondary-market trading and liquidity provision from criminal liability for unlawful stablecoin issuance.

From the articleGENIUS Act: Blockchain Association Seeks Clearer DeFi, Stablecoin RulesAlso in Blockchain Association says Treasury's GENIUS Act rollout needs clearer DeFi, foreign issuer rules, Blockchain Association backs Treasury stablecoin rule but wants tighter definitions