GENIUS Act stablecoin rules are at the center of a new policy debate after the Hyperliquid Policy Center (HPC) and Paradigm called on the U.S. Treasury to revise parts of a proposed anti-money laundering and sanctions framework for stablecoin issuers. In a joint comment submitted on Tuesday, the two organizations argued that some compliance obligations tied to secondary market activity should be narrowed or clarified to prevent unintended consequences for decentralized finance and permissionless blockchain networks.