GENIUS Act and the Emerging Architecture of Digital Payments
By: James R. Holbein, Of Counsel, Braumiller Law Group and Justin Holbein, American Digital Assets Consulting LLC
The GENIUS Act has authorized several regulatory agencies to issue regulations to develop the first comprehensive federal regulatory framework governing payment stablecoins in the United States. The statute directs multiple federal financial regulators to implement a coordinated supervisory structure governing issuance, reserve management, redemption rights, anti-money laundering compliance, custody, and market structure.