Music NFTs Moonshot #1784 @ZironiVioletta

When family offices realize how much money they can save moving money around the world with stablecoins under the GENIUS Act, they will finally ditch the fees and delays that come with bank ACH wires. Those that are early, will win. #StablecoinSolutions #GENIUSACT #Familyoffice

If Western Union wants to survive, then they must apply with OCC for a bank trust charter and then apply to Treasury to launch a GENIUS Act compliant stablecoin—otherwise their days of extracting fees to move money around the world are numbered.

Study the NFT floors that are holding firm in dollar terms as ETH continues to climb up.

GM, if you’re comfy in NFTs as a store of ETH value.

Launching my new stablecoin consulting firm this week marks a pivotal and hugely transformative moment for me. After 4-plus years of showing up every day in this space, I have finally found my mission. While I love advising crypto startups—and will continue to provide those legal services—I firmly believe that fully-regulated stablecoins under the GENIUS Act are the biggest catalyst for mass adoption of crypto. But getting there is gonna require a massive campaign—a campaign to educate & empower non-crypto natives that there is now a cheaper, faster & more efficient way to move money around the world. So that’s my mission—to educate and advise consumers, businesses, fintechs, banks, states, & family offices about how to seize this opportunity and stop moving money at the speed of banks.

The Two-Step Path to Launching a GENIUS Act–Compliant Stablecoin Launching a regulatory-compliant stablecoin under the GENIUS Act is a complex process that involves two separate but interlinked approvals: Step 1: Obtaining a National Trust Bank Charter from the OCC Step 2: Securing approval as a Permitted Payment Stablecoin Issuer under the GENIUS Act This sequence ensures that your entity is both a federally supervised bank and a legally recognized stablecoin issuer under the new framework. Let's break it down in a🧵

I just finished reading Christopher and Andrea’s paper Regulating Stablecoins: Comparing MiCAR and the GENIUS Act. Their work highlights contractual weaknesses in the terms of use of major stablecoin issuers, including one-sided provisions, vague redemption timelines, and unclear customer bankruptcy protections. They argue these issues are not inherent to stablecoin technology and can be addressed through modest contractual revisions. Now that the GENIUS Act has been signed into law, we are entering the implementation phase—when regulators at the OCC and Treasury will begin crafting the rules and application process for onboarding GENIUS-compliant stablecoins. As part of that process, existing issuers such as Circle and Tether will need to apply to Treasury for approval of their stablecoins. At this early stage, the application process remains unclear. While the Act does not explicitly require regulators to review an issuer’s Terms of Service, the OCC and Treasury have broad authority to evaluate whether an issuer’s operations meet statutory objectives. This provides an opportunity for regulators to engage with stablecoin issuers on revising their terms—not only to comply with GENIUS Act requirements, but also to address the concerns raised in Christopher and Andrea’s paper. For example, as a condition of approval, regulators could require revised terms that guarantee timely redemption, establish direct contractual privity with all holders, grant holders clear priority claims over reserves in insolvency, and use plain-language disclosures. Integrating this review into the approval process would align contractual rights with the Act’s operational safeguards, strengthen consumer protection, and enhance the credibility of U.S.-approved stablecoins in both domestic and global markets. Thanks for sharing your paper. I am currently compiling a list of proposed comments and concerns from key crypto-sector figures that regulators should consider as they begin the GENIUS Act rulemaking process. I’d welcome your thoughts on this proposed remedy, and I’d like to hear from others in the sector and in government so we can ensure we get this right. I’m happy to advise and consult on this and other GENIUS Act related issues. Thanks, Carlo Founder and Chief Strategist @circle @jerallaire @ddisparte @Tether_to @paoloardoino @USTreasury @USOCC

Happy Friday. !CHIMP 🐒

Banks don’t fully get this yet. But, stablecoins are going to be massively disruptive to their customer fee extraction model.