
Jeremy Hogan|Mar 11, 2025 02:02
I only had time tonight to skim-read the new proposed stablecoin bill, the humbly named "Genius Act."
A couple of thoughts and a big QUESTION I need help with:
1. As many people in the comments have already mentioned, passage of this Act would be the death of USTD in the U.S..
2. This bill is thick and meaty. It addresses a LOT of things, including the interaction of U.S. federal laws on stablecoins with foreign laws and state laws, etc.. I honestly couldn't take it all in.
3. The reserve requirements, AML requirements, etc. all fall neatly for RLSUD and USDC.
4. Bigger picture, the legislation is explicitly making plans for stablecoins to interact with the traditional digital banking system. The "merge" is being planned.
My Question:
The Genius Act requires that the issuer of any stablecoin have the "...technological capability to comply...with the terms of any lawful order."
Later, the Act defines the required technological capabilities as the issuer's ability to "...freeze, burn of prevent the transfer of payment stablecoins..."
SO, can Ripple or Circle actually freeze RLUSD or USDC once it's transferred?? I didn't think that was possible, for either.
Thank You!
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