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Treasury Drew the Line Between Stablecoin Issuers and Everyone Else. The Stakes Are Not Equal.
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Treasury Drew the Line Between Stablecoin Issuers and Everyone Else. The Stakes Are Not Equal.
The Treasury Department’s latest Notice of Proposed Rulemaking (NPRM) regarding the GENIUS Act attempts to draw a bright line between those who create stablecoins and those who merely move them around. Under the proposed §1523.1(c), the definition of an issuer hinges on economic substance rather than activity. If an entity bears the redemption-at-par obligation and […]
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