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Federal GENIUS and CLARITY bills reshape state choices on stablecoins, NH commission hears
Summary
Seth C. Orenberg, a professor at the University of New Hampshire Franklin Pierce School of Law, told the New Hampshire Stable Token Study Commission on Nov. 12 that two pieces of federal action are reshaping how states can participate in the fast‑developing stablecoin market.
Seth C. Orenberg, a professor at the University of New Hampshire Franklin Pierce School of Law, told the New Hampshire Stable Token Study Commission on Nov. 12 that two pieces of federal action are reshaping how states can participate in the fast‑developing stablecoin market. "On the one hand, we have the Genius Act," Orenberg said. "And then we have the Clarity Act, which is in some ways its big brother."
Orenberg described the GENIUS Act as a banking and payments statute that defines a "payment stable token" as a blockchain‑recorded digital asset designed primarily for payments or settlement, redeemable for a fixed amount of a national currency and intended to maintain stable value. "A payment stable token...has to be used primarily for payments or the settlement of transactions and its central purpose must be to…
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