The Blockchain Association urged the U.S. Department of the Treasury to replace its proposed reasonably believes standard for identifying U.S. counterparties with an actual knowledge standard based on ordinary business operations.

How governments worldwide set rules for digital assets through legislation, agency rulemaking, licensing regimes and court fights.

Laws and rules for fiat-pegged tokens, from the US GENIUS Act to Europe's MiCA, covering reserves, licensing and yield restrictions.