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ARTICLE · 29 OCTOBER 2025

Ropes & Gray Crypto Quarterly: Digital Assets, Blockchain And Related Technologies Update

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On July 18, 2025, President Donald J. Trump signed the Guiding Ethical National Innovation in the United States (GENIUS) Act, marking the passage of the nation's first comprehensive...

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LEGISLATION

1. GENIUS Act: Federal Stablecoin Legislation Signed by President

  • On July 18, 2025, President Donald J. Trump signed the Guiding Ethical National Innovation in the United States (GENIUS) Act, marking the passage of the nation's first comprehensive federal regulatory framework for stablecoins. The GENIUS Act specifically addresses “payment stablecoins”—digital assets that must be redeemable by issuers at a predetermined value, generally pegged to the U.S. dollar.
  • The U.S. Senate passed the GENIUS Act on June 17, 2025, followed by the House of Representatives' adoption of the Senate's version approximately one month later.
  • The legislation outlines standards for reserve requirements, redemption obligations, and licensing for payment stablecoin issuers, and provides for oversight by both federal and state authorities. For further details, refer to Ropes & Gray's detailed analysis of the GENIUS Act.

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