U.S. Senate Passes GENIUS Act Stablecoin Legislation (Ledger Insights)
The U.S. Senate has passed the GENIUS Act, a bipartisan bill aimed at establishing a regulatory framework for stablecoins. The legislation seeks to provide clarity for issuers, ensure consumer protections, and maintain financial stability while fostering innovation in the digital asset space. Key provisions include requirements for stablecoin issuers to maintain reserves, comply with anti-money laundering (AML) rules, and undergo regular audits. The bill now moves to the House of Representatives for further consideration. [Read more at Congress.gov]
DEA on the Foundational Principles for Europe’s Digital Money Ecosystem (DEA)
The Digital Euro Association (DEA) published a position statement that advocates for a balanced and innovative approach to digital money in Europe, focusing on stablecoins, retail and wholesale digital euros, and deposit tokens. The DEA emphasizes regulatory clarity, interoperability, user protection, and privacy, supporting the Markets in Crypto-Assets Regulation (MiCAR) for stablecoins while calling for proportional implementation to foster innovation. For the wholesale digital euro, the DEA highlights efficiency gains through distributed ledger technology (DLT), global interoperability, and collaborative governance. The retail digital euro should prioritize public good, privacy, and user-centric design, ensuring accessibility and legal clarity. Deposit tokens are seen as complementary to public money, requiring regulatory clarity and consumer protection. Overall, the DEA promotes a cohesive digital financial ecosystem that strengthens Europe’s monetary sovereignty, fosters innovation, and ensures trust and inclusivity. [Read more at the DEA]
JPMorgan to Launch a Stablecoin-Like Token JPMD (CNBC)
JPMorgan Chase is reportedly planning to launch a tokenized deposit on Coinbase’s Base Ethereum Layer 2 network. It will operate on a public permissioned basis and will be for use only by the bank’s institutional clients. Unlike stablecoins issued by nonbanks, JPMD operates within the regulated commercial banking system and is subject to standard supervisory requirements. [Read more at CNBC]
Upcoming Speaking Engagements:
The CB+DC Conference (Nassau, Bahamas, September 9-11) is a premier gathering centered on CBDCs, tokenized assets, and stablecoins. It provides a forum for central bankers, commercial bankers, technology innovators, policymakers, and academics to explore the latest advancements in digital currency, engage with experts and peers, and discuss the future of digital currency. [Register here but before you do, email me at john@kiffmeister.com for a 15% discount]
And just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So (only) if you work at a central bank, ministry of finance or international financial institution (e.g., the BIS, IMF, OECD, World Bank) and who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at john@kiffmeister.com.
