GENIUS Act

“Under the Genius Act, Circle, as a payment stablecoin issuer, we're prohibited from paying interest directly to stablecoin holders.”

“Under the Genius Act that got passed into law last year, US regulated stable coins have to have 100% of the assets stored in short term US treasuries.”

“I think there's the bank trade groups, which I believe are trying to undo the genius act. Got it. It just got passed into law four months ago. And for us, that's a red line.”

“USDC is the largest regulated stablecoin, because it is compliant under Genius in the US, they're compliant under Mika in Europe, et cetera.”

“It's not currently compliant under the genius act in the U S and so it doesn't follow those same hundred percent reserves in short term U S treasuries is my understanding.”

“First, it was the Crypto Summit a couple of weeks ago. Of course, the Genius Act got passed, which really teed up these stable coins, and now the Clarity Act around market structures making its way through Congress.”

“They will have to come onshore as part of this bill in the next three years.”

“We had this genius act, which is the stable coin bill passed the Senate with 68 votes, got 18 Democrats.”

“I would expect the House will act in the next few weeks on this, and then the president will have a bill he can sign.”

“Tether will under this act will have three years to come on shore. But the bottom line is they will have to operate in the United States.”

“Now, all stablecoin issuers under this bill will have to be audited quarterly.”

“The way the framework works is that the stablecoin issuers cannot pass on interest to the token holders.”

“Because the genius bill the genius act, as it's called, which is pretty historic legislation, which effectively crossed a hurdle in the Senate last night that I think now puts it on a fast track to being signed into law.”