The US GENIUS stablecoin act could open the door for a flood of Big Tech digital currencies. There are challenges though.
The GENIUS Act will enable tech companies to issue stablecoins that functionally blur the boundary between public and private money.
But Winston Ma, adjunct law professor at New York University, argues that private stablecoins cannot function as true currency without sovereign enforcement. Yuriy Brisov, a lawyer at Digital & Analogue Partners, contends that privately issued currencies can serve as legitimate alternatives to traditional monetary systems.
To understand the legal implications of the GENIUS Act and how it fits into the global stablecoin landscape, Magazine spoke with Brisov in Europe, Ma in the US and Joshua Chu, co-chair of the Hong Kong Web3 Association.
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