Macro Musings with David Beckworth · Monday, September 14, 2026
Nellie Liang discusses the significant impact of the Genius Act on the regulatory landscape for stablecoins, noting it has provided clarity for issuers and banks. She highlights that the act has spurred innovation in both stablecoin issuers and fintech companies, and also within traditional banking systems.
“So I think Genius is very significant. Maybe more significant than I had appreciated. Although I was, you know, very much advocating for legislation in this space for many years.”
“But what Genius ended up doing was provide some clarity, using a different word, but you know, exactly. Provide some clarity for not just the stable coin issuers, but for the banks. I think the amount of innovation that this act has ignited has been among stable coin issuers and among other fintechs and among banks. It's been kind of remarkable.”
“And I think the outcome is unknown still. But it clearly made it easier for stable coin issuers to figure out how to operate. But it also made it easier for banks to start thinking about how to incorporate digital assets and blockchain into their systems. So I think it's again, more important than I actually appreciated.”