Compliance costs are soaring; small players probably can't withstand this wave of BSA + OFAC combined strikes.

According to ABA Banking Journal, the Federal Deposit Insurance Corporation (FDIC) in the United States has proposed new regulations to establish the "Bank Secrecy Act" (BSA) and sanctions compliance standards for stablecoin issuers (PPSIs) under its supervision. The proposal will require issuers to comply with anti-money laundering / counter-terrorism financing, economic sanctions, and reporting requirements, including regulations related to the U.S. Financial Crimes Enforcement Network (FinCEN) and the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), and to establish corresponding supervision and enforcement mechanisms. The rule proposal will open a 60-day public comment period after its publication in the Federal Register.