

GENIUS Becomes Law: What It Took to Pass the First Rules for Stablecoins in the U.S.
16 snips Jul 22, 2025
Miles Jennings, the General Counsel and Head of Policy at a16z crypto, and Michael Reed, a Government Affairs Partner at a16z, dive into the landmark GENIUS Act, which sets clear regulations for U.S. stablecoins. They discuss the intense bipartisan efforts that led to its passage and the implications for the crypto market. Tension over Central Bank Digital Currencies (CBDC) also surfaces, alongside insights on the transformative CLARITY Act. Together, they analyze the evolving landscape of stablecoins and the political dynamics shaping crypto legislation.
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GENIUS Act Enables Stablecoin Trust
- The GENIUS Act sets a regulatory framework ensuring stablecoins are properly collateralized and trustworthy.
- This trust foundation is crucial for stablecoins to function like real money and transform payments in the U.S.
Crypto Week Drama in House
- House Republicans, led by Speaker Johnson and Leader Scalise, pushed aggressively to pass crypto bills including the GENIUS Act during "Crypto Week".
- Intense negotiations were needed, especially around including anti-CBDC measures, before the bills proceeded to floor votes.
Privacy Fears Drive CBDC Opposition
- Opposition to CBDCs centers around privacy concerns, fearing federal government surveillance of every transaction.
- This contrasts with countries like China where digital currencies are tools for monitoring citizens.