Is this the end for KYC/AML on USD accounts?

“Although the [Genius Act] mandates KYC/AML, once stablecoins are on a blockchain and freely transferrable, they become almost impossible to fully identify and control. We have no idea who exactly owns most of the USDT out there. The U.S. has some semblance of control over who owns USDC, the biggest US-regulated stablecoin, because there are only a handful of on/off ramps, but if tens of thousands of businesses are transacting in stablecoins, it becomes almost impossible to seal all the leaks in the system.” ~ learn more