The US is simultaneously tightening rules for stablecoins and opening the door to tokenized assets.
The Fed proposed rules for banking issuers of payment stablecoins under the GENIUS Act. Reserves must fully back issued stablecoins with permitted liquid assets, and issuers are required to meet standardized capital and risk-management standards. A 60-day comment period was provided.
On the same day, the CFTC updated its FAQs: regulated market participants received greater clarity on the use of tokenized forms of permitted investments for client funds and on using blockchain to keep records.
What interests me is the combination.
One regulator details how a stablecoin can become part of the banking system. The other shows how blockchain can operate within already regulated financial infrastructure.
This doesn’t mean that all of Wall Street will move on-chain tomorrow. But the direction is becoming less abstract by the day: tokenization is no longer just being discussed—rules for financial infrastructure are being gradually rewritten to accommodate it.
I would pay attention to which products appear on top of these rules. Because the real revolution doesn’t start with a polished regulatory announcement—it starts when people begin to actually use it.
The Fed proposed rules for banking issuers of payment stablecoins under the GENIUS Act. Reserves must fully back issued stablecoins with permitted liquid assets, and issuers are required to meet standardized capital and risk-management standards. A 60-day comment period was provided.
On the same day, the CFTC updated its FAQs: regulated market participants received greater clarity on the use of tokenized forms of permitted investments for client funds and on using blockchain to keep records.
What interests me is the combination.
One regulator details how a stablecoin can become part of the banking system. The other shows how blockchain can operate within already regulated financial infrastructure.
This doesn’t mean that all of Wall Street will move on-chain tomorrow. But the direction is becoming less abstract by the day: tokenization is no longer just being discussed—rules for financial infrastructure are being gradually rewritten to accommodate it.
I would pay attention to which products appear on top of these rules. Because the real revolution doesn’t start with a polished regulatory announcement—it starts when people begin to actually use it.
