Digital Assets

Until recently, the US federal government has lacked both consistency and support for digital assets. Agencies have each defined the term “digital assets” differently, leaving the industry with conflicting interpretations depending on the regulatory agency involved. This lack of clarity has caused jurisdictional disputes, compliance challenges, and enforcement difficulties.

In crypto policy, extremes have defined the narrative. One side demands full institutionalization; the other cries overregulation. The result? Years of noise, and very little signal.

That changed on March 13, 2025, when the Senate Banking Committee passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act with a bipartisan vote of 18-6. It marks the first comprehensive federal framework for regulating stablecoins in the U.S.—and the most pragmatic attempt we’ve seen yet.

Foundational financial infrastructure is being rearchitected with new modern digital primitives - blockchain technology as a new global transparent ledger and currency backed stablecoins as the medium for value transfer. Stablecoins promise an instantaneous, inexpensive and unrestricted means to transact anytime and anywhere using a currency-backed token. Still, despite growing optimism, stablecoins today remain largely dependent on the same legacy financial rails it claims to disrupt, and the competitive advantages or value propositions vary between geographic regions and transaction types.