The GENIUS Act is now law. Providing consumer access to rewards programs would drive competition, perhaps benefitting consumers even more in the end if traditional banks are forced to adapt to such a competitive regime of consumer rewards.

The concept of a balkanized regime is a serious concern. Ironically, this balkanization concern is what motivated countless uniform state acts and federal law. Undoing this provision would be damaging to the goal of the GENIUS Act itself.

The withdrawal of this program suggests more crypto normalization across the banking and financial sectors. Given the recent passage of the GENIUS Act and with market structure reform on the horizon, scrapping this program suggests that crypto is well underway to becoming a key component of the banking sector.

Further, this movement stems from a number of President Trump’s recent executive orders, including his most recent one on politicized and unlawful debanking, particularly its…

The Association's letter draws some attention to regulatory ambiguities in the GENIUS Act. The interest/yield question - a feature, not a bug, of the GENIUS Act - is particularly interesting. How will it ultimately be handled by exchanges? Although there is a prohibition on issuers paying yield outright, perhaps allowing yield to be passed on by third-parties isn’t such a bad thing. 

Questions remain about what happens when a private, non-predominantly-financial company issues a…

This statement follows a long string of opinions from the Division of Corporation Finance determining that mining, staking and more are not securities. ­The implications for DeFi are clear: staking one's token and using the receipt token does not constitute an investment contract, and thus, a protocol user can use the receipt token in a DeFi protocol's AMM to continue trading.

It is worth asking, then, what is the difference between a liquidity pool receipt token and a liquid staking…