Why Stablecoins and the GENIUS Act Matter to IACPM Members

In July, the United States enacted the GENIUS Act. The GENIUS Act is a watershed moment in the history of cryptocurrency. It establishes a comprehensive federal regulatory scheme for a type of cryptoasset—specifically, stablecoins.

Stablecoin are the fintech-y version of plastic gift cards and money market mutual funds. They are used for payments and are intended to be faster and easier to use than other forms, like credit cards or bank transfers.

The passage of the GENIUS Act has opened the floodgates for stablecoins. As stablecoin innovators begin to explore their options for issuing payment stablecoins under the GENIUS Act, the question of what role the different corners of the financial services sector, like insurance, might play has come up many times.

To learn more about this important issue, IACPM has asked Mayer Brown insurance partner Yuliya Feldman and financial regulatory partner Matt Bisanz to discuss the GENIUS Act and dive into what it means for IACPM’s constituencies.