GENIUS Becomes Law: What It Took to Pass the First Rules for Stablecoins in the U.S.

16 snips

Jul 22, 2025

Guest

Michael Reed

Guest

Miles Jennings

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.

Ask episode

AI Snips

Chapters

Transcript

Episode notes

INSIGHT

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.

ANECDOTE

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.

INSIGHT

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.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

with @rhhackett @milesjennings @BenNapier & Michael Reed

Today we're talking about the passage of the GENIUS Act — that's the "Guiding and Establishing National Innovation for US Stablecoins Act" — which provides clear rules of the road for stablecoins in the U.S. We cover the law's implications, the recent high-stakes vote in the House of Representatives, and the bipartisan efforts to pass this groundbreaking bill.

We also touch on the CLARITY Act — a major new “market structure” bill that would establish a clear regulatory framework for digital asset markets — which the House also passed with bipartisan support and which is now headed to the Senate.

Here to separate the signal from the noise are members of the a16z crypto team who had a front-row seat to the action. We've got Miles Jennings, a16z crypto's General Counsel and Head of Policy, plus a16z Government Affairs Partners Ben Napier and Michael Reed, who are responsible for liaising with House Republicans and House Democrats, respectively. They share the inside scoop.

Timestamps:

(0:00) Introduction

(1:01) Understanding the GENIUS Act

(3:56) News Summary: What Happened in the House

(5:45) Central Bank Digital Currency (CBDC) Contention

(7:01) House Vote Drama: Republicans

(9:31) House Vote Drama: Democrats

(14:28) Winners and Losers

(16:01) Decentralized Stablecoins and SEC Involvement

(17:49) CLARITY Act and Future Legislation

(21:47) Looking Ahead

Resources:

The GENIUS Act [full text]
Clear rules for stablecoins and the road ahead by Chris Dixon (a16z crypto, July 2025)
The CLARITY Act — Why it matters, what to know, and what to do by Miles Jennings and Aiden Slavin (a16z crypto, July 2025)

***

As a reminder, none of the content should be taken as investment, business, legal, or tax advice. Please see a16z.com/disclosures for more important information, including a link to a list of our investments.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.