Overview
The Dispatch recently featured insights from Steptoe partner Coy Garrison in its July 19 article, "GENIUS Act Represents a Major Milestone for Crypto Regulation." The piece explores the passage of the GENIUS Act, the first major US legislation to establish a regulatory framework for stablecoins, and its implications for the future of digital asset oversight.
Garrison described the legislation as a turning point for the crypto industry: "I think this is a watershed moment for the industry. It's an industry that has grown up over the last 10 years with no clear regulatory structure in place." He also noted the shift from enforcement-driven oversight to legislative clarity: "What we saw during the last administration was the use of gray areas of law and the use of enforcement authorities to really discourage the growth of the industry and participation in the industry."
Looking ahead, Garrison emphasized the importance of regulatory certainty: "Congress is finally directing agencies to regulate this space, and the rules of the road are being put in place."
