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ARTICLE · 08 APRIL 2026

From Enforcement To Framework: Treasury Advances Stablecoins Under GENIUS Act

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The Biden administration's enforcement-heavy approach to cryptocurrency regulation has given way to the Trump administration's structured framework under the GENIUS Act.

United StatesFinance and Banking
Margaret B. Beasley
Margaret B. Beasley
Nicole Boeckmann
Nicole Boeckmann
David Shargel
David Shargel
Bryan W. McCracken
Bryan W. McCracken

Over the past several years, US crypto policy has reflected two competing regulatory approaches in Washington. Under the Biden administration, agencies took an enforcement-forward posture, with the Securities and Exchange Commission (SEC) bringing high-profile actions against digital asset platforms and market participants such as Coinbase1 and Binance,2 while the Department of Justice pursued criminal enforcement against Binance3 and its founder4 for anti-money laundering (AML) and sanctions violations. At the same time, the Department of the Treasury addressed these same AML and sanctions risks through guidance.5 This approach, often described as “regulation by enforcement,” left industry participants navigating evolving interpretations of law rather than working within a tailored regulatory framework.

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