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Home/Markets & Investing/STABLECOIN REGULATION · SEC ENFORCEMENT ACTION

Stablecoin Issuers Face New US Treasury Sanctions Compliance for Secondary Markets

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Brooks Elsworth

stablecoin regulation · Apr 14, 2026

Stablecoin Issuers Face New US Treasury Sanctions Compliance for Secondary Markets

Source: DojiDoji Data Terminal

Permitted payment stablecoin issuers (PPSIs) may now be held liable for prohibited conduct by US sanctions that occurs in secondary markets using their stablecoins. This requirement stems from a notice of proposed rulemaking (NPRM) released by the US Treasury's FinCEN and OFAC on April 8, which mandates sanctions compliance under the GENIUS Act.

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Kraken’s $13.3 Billion Valuation Reveals a 33% Markdown in Exchange Pricing

Kraken is now valued at $13.3 billion, a 33% markdown from the $20 billion valuation the exchange commanded during its November 2024 funding round. This figure was established by Deutsche Börse Group's $200 million investment in Payward Inc., Kraken's parent company. The transaction, which is expected to close in the second quarter of 2026 subject to regulatory approval, gives the Frankfurt-based stock exchange operator a 1.5% fully diluted ownership stake via a secondary market transaction. The investment cements a commercial partnership first announced in December 2025 to build a hybrid market infrastructure for traditional and tokenized assets. Kraken had originally planned a public listing for 2026, but the company has suspended those plans indefinitely, citing unfavorable market conditions.

While FinCEN has proposed that PPSIs will not be required to monitor secondary market activity for AML/CFT purposes or file suspicious activity reports (SARs), the Treasury Department expects issuers to maintain the technical capability to freeze, block, or reject funds in secondary markets in response to lawful orders.

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The $100 Tips Tax Cut Promotiony

Independent delivery drivers are implementing measures to cope with rising gas prices. This is the result of surging oil prices that have driven fuel costs higher, offsetting the effects of the tax cuts on tips, overtime pay, car loan interest, and state and local tax bills. These cuts were part of last year's Republican-backed tax-cut legislation, which also included cuts to taxes on Social Security retirement payments. President Donald Trump, promoting these cuts, had McDonald's food delivered to the Oval Office on Monday. He handed the DoorDash driver, Sharon Simmons, what appeared to be a $100 bill after she was asked if White House staff were good tippers.

Additionally, PPSIs must prevent stablecoins from being issued to or used by sanctioned parties in secondary markets, including peer-to-peer transactions between unhosted wallets. To ensure compliance, the NPRM indicates that issuers can leverage blockchain analytics to identify and prevent transactions involving wallets with OFAC-sanctioned parties.

Related Brief18h ago
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DeFi User Interfaces Can Now Trade Crypto Securities Without Broker Registration

DeFi user interfaces, including wallet apps and browser extensions, can now facilitate trades in crypto asset securities without registering as broker-dealers. This relief is available to 'Covered User Interfaces'—software that converts user inputs into executable code for self-custodial wallets without handling custody, routing orders, or offering investment advice. The SEC's Division of Trading and Markets staff statement targets these specific tools. To qualify, providers must charge fixed neutral fees agnostic to products or venues and avoid soliciting specific trades or endorsements such as 'best price'. They must also provide clear disclosures of conflicts and cybersecurity measures and objectively vet connected trading systems for liquidity and security. This non-binding interim measure is effective for five years unless withdrawn.

To meet these requirements, PPSIs must establish AML/CFT and sanctions compliance programs with senior management oversight, conduct financial crime risk assessments, and appoint a responsible AML/CFT officer.

Related Brief1d ago
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Kraken's Fed Master Account Reduces Institutional Dollar Entry Friction

Wholesale clients of Kraken's Wyoming banking arm will experience faster and cheaper transactions. The Kansas City Fed approved a limited-purpose Federal Reserve master account for Kraken Financial on March 4. The account lasts for one year. This allows Kraken to hold balances at the Fed and use Fedwire for direct fund transfers, bypassing the correspondent bank intermediaries that crypto firms have relied on for years. The account is prohibited from earning interest on reserves, accessing emergency Fed lending, or using the the FedNow Service and ACH payment systems.

stablecoin regulationSEC enforcement actioninsider trading SEC chargeRipple XRP SECSEC crypto enforcementSEC retail investor ruleSEC ESG enforcementstablecoin US legislationSECURE 2.0 IRS guidancecrypto IRS rulingpayment for order flow SECcrypto money laundering enforcementIRA contribution limit IRSHSA eligibility IRS rulingBitcoin ETF

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