The Accountant Quits Podcast #94 - Stablecoin Issuance Regulation with Legal Nodes (GENIUS Act v/s MiCA)
Aug 8, 2025
Nestor Dubnevych, co-founder and head of Web3 at LegalNodes, shares insights on the newly signed GENIUS Act and its implications for stablecoin issuers. He details compliance challenges and costs that new entrants face compared to established players. The conversation explores the potential for lower banking costs through cross-border transactions, the future of stablecoins in the banking sector, and the regulatory differences between the U.S. and Europe. Nestor emphasizes the need for transparency in stablecoin reserves amid evolving global regulations.
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GENIUS Act Is A Market Signal With Limits
- The GENIUS Act signals regulators accept stablecoins as real payment instruments.
- But it effectively limits issuance to banks and federally authorized entities, narrowing competition.
Startup Challenges Under GENIUS
- Nestor explained the GENIUS Act favors banks and certified entities for issuance.
- He contrasted this with startups' struggle to afford time and money for required banking-level compliance.
Incumbents Face New Big-Player Competition
- Big incumbents like Circle and Tether have strong odds due to infrastructure and partners.
- But bank-issued stablecoins and large tech firms could reshape market share over time.