The GENIUS Act establishes a federal framework for the issuance of stablecoins, but it does not exempt all companies handling stablecoins from fund transfer regulations. Exchanges, wallets, payment processors, and remittance companies may still need to register with FinCEN and obtain state-level fund transfer or virtual currency licenses. Whether a company needs a license depends on whether it receives, controls, exchanges, or transfers value; issuer approval or FinCEN federal registration does not automatically fulfill state-level licensing requirements. The GENIUS Act provides state law priority arrangements for certain approved issuers, but it does not universally exempt third parties; companies must assess state licensing regimes based on their business activities and operating regions. (Source: Bitcoin.com News)
