[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  🍄 [@Joshu_Woo](/creator/twitter/Joshu_Woo) on x 2757 followers Created: 2025-07-19 02:49:36 UTC I just took all of the text @RichardHeartWin provided from the genius bill and told @grok to briefly summarize the whole in laymen’s terms. If you aren’t an attorney you’ll appreciate this version: __________________________________________ The **GENIUS Act** (Guiding and Establishing National Innovation for U.S. Stablecoins Act), signed into law, regulates **payment stablecoins**—digital assets designed for payments, pegged to a stable value like the U.S. dollar. Here’s a concise breakdown: X. **Purpose**: Establishes a federal framework to regulate stablecoin issuance, ensuring financial stability, consumer protection, and anti-money laundering (AML) compliance. X. **Key Definitions**: - **Payment Stablecoin**: Digital asset used for payments, redeemable for a fixed monetary value, not a security or commodity. - **Permitted Issuers**: Only approved U.S. entities (banks, nonbanks, or state-regulated entities) can issue stablecoins. - **Digital Asset Service Provider**: Entities handling stablecoin transactions (e.g., exchanges, custodians). X. **Core Requirements**: - **Issuance Restrictions**: Only permitted issuers can issue stablecoins; others face fines up to $1M or X years in prison. - **Reserves**: Issuers must hold 1:1 reserves (cash, Treasury securities, etc.) to back stablecoins, disclosed monthly. - **AML Compliance**: Issuers must follow Bank Secrecy Act rules, maintain AML and sanctions programs, and block illicit transactions. - **Consumer Protections**: Clear redemption policies, no deceptive marketing, and no interest payments on stablecoins. X. **Regulation**: - **Federal Oversight**: The Comptroller of the Currency, Federal Reserve, and FDIC regulate federal issuers; states can regulate smaller issuers (<$10B in issuance). - **State Option**: States with comparable regimes can regulate issuers, subject to federal review. - **Foreign Issuers**: Must register, hold U.S. reserves, and comply with U.S. laws or face bans. X. **Prohibitions**: - No tying stablecoin services to other products. - No misleading names implying U.S. government backing. - Non-financial public companies need approval to issue stablecoins. X. **Insolvency Protections**: Stablecoin holders have priority claims in issuer bankruptcy, ensuring access to reserves. X. **Interoperability**: Regulators may set standards for stablecoin compatibility across platforms. X. **Enforcement**: Regulators can suspend, fine, or remove non-compliant issuers or officers. X. **Studies & Reports**: Treasury to study non-payment stablecoins and AML innovations; annual reports on industry trends. **Effective Date**: XX months post-enactment or XXX days after final regulations. **In Short**: The Act creates a strict U.S. framework for stablecoin issuance, prioritizing safety, transparency, and AML compliance, while allowing state flexibility and foreign issuer access under tight rules. XXXXXX engagements  **Related Topics** [stablecoins](/topic/stablecoins) [told](/topic/told) [Post Link](https://x.com/Joshu_Woo/status/1946402012457017358)
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
🍄 @Joshu_Woo on x 2757 followers
Created: 2025-07-19 02:49:36 UTC
I just took all of the text @RichardHeartWin provided from the genius bill and told @grok to briefly summarize the whole in laymen’s terms.
If you aren’t an attorney you’ll appreciate this version:
The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), signed into law, regulates payment stablecoins—digital assets designed for payments, pegged to a stable value like the U.S. dollar. Here’s a concise breakdown:
X. Purpose: Establishes a federal framework to regulate stablecoin issuance, ensuring financial stability, consumer protection, and anti-money laundering (AML) compliance.
X. Key Definitions:
X. Core Requirements:
X. Regulation:
X. Prohibitions:
X. Insolvency Protections: Stablecoin holders have priority claims in issuer bankruptcy, ensuring access to reserves. X. Interoperability: Regulators may set standards for stablecoin compatibility across platforms. X. Enforcement: Regulators can suspend, fine, or remove non-compliant issuers or officers. X. Studies & Reports: Treasury to study non-payment stablecoins and AML innovations; annual reports on industry trends.
Effective Date: XX months post-enactment or XXX days after final regulations.
In Short: The Act creates a strict U.S. framework for stablecoin issuance, prioritizing safety, transparency, and AML compliance, while allowing state flexibility and foreign issuer access under tight rules.
XXXXXX engagements
Related Topics stablecoins told
/post/tweet::1946402012457017358