According to online reports, Jennifer J. Schulp, director of financial regulatory research at the Cato Institute, published a column pointing out that although the stablecoin legislation under consideration by the U.S. Congress (including the GENIUS Act and the STABLE Act) aims to combat illegal financial activities, it must avoid triggering excessive financial surveillance of users. She emphasized that if stablecoin issuers are regulated by the Bank Secrecy Act (BSA), it may lead to comprehensive tracking of user transactions and erode personal privacy rights. Schulp called on lawmakers to balance innovation and privacy protection when formulating anti-money laundering measures to ensure that stablecoins promote payment efficiency while not becoming a government surveillance tool.