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GENIUS Act Implementation: Regulators, Tokenized Deposits & the Stablecoin Rulebook
Audio is available on Spreaker — see link below.
Federal regulators face Congress over GENIUS Act stablecoin rules while JPMorgan backs a tokenized deposit network to outmanoeuvre crypto-native issuers. The framework is law — but the rulebook that gives it teeth is still being written.
Audio is available on Spreaker — see link below.
The GENIUS Act is law. Now the real fight begins.
One of the more telling moments from the hearing came from NCUA Chairman Kyle Hauptman. His argument wasn't just about financial stability or consumer protection.
That logic has reached the banks as well. JPMorgan Chase is backing a shared tokenized deposit network alongside other major US lenders.
The hearing didn't stay technical for long. Democratic lawmakers, led by Ranking Member Maxine Waters, pushed back hard on the broader regulatory posture of the Trump administration.
One thread worth keeping close: the Federal Reserve's independent review of supervisory failures tied to the two thousand twenty-three Silicon Valley Bank collapse is still under way. Vice Chair Bowman confirmed the review continues, but some former officials have declined to participate in interviews.
The clearest near-term signals to watch: the OCC's comment-processing timeline and when proposed stablecoin rules move toward finalization. The competitive response from crypto-native issuers once the tokenized deposit network gets closer to launch.
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