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The U.S. Starts Writing Stablecoin Rules: What the Fed’s Proposal and Treasury’s GENIUS Rule Change
On Sept 24 the Fed proposed 100% reserve and capital rules for stablecoin issuers; on Sept 30 Treasury published its first binding GENIUS Act rule. What the two-tier market looks like.- 36
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The CLARITY Act Failed. Crypto Now Runs on a Rulemaking Calendar.
The market-structure bill died 49-50 in the Senate, and within a fortnight two agencies had sent rule drafts to the White House, two comment periods were closing in the same week of October, and a stablecoin framework with a statutory effective date was being written by three regulators. Nobody voted for any of it, and each instrument has a different lifespan.- 7
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Two Sentences, Zero Noes: Reading California’s Memecoin Ban as a Specification
AB 2409 adds one chapter with two sections. Its central definition turns on how a token is marketed, and its only lever is a borrowed federal term written to let protocols, validators and liquidity pools go.- 27
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Crypto Got a Spec Instead of a Law: Inside the Fed, SEC and CFTC Rule Sprint
The Clarity Act failed 49-50 in the Senate. Within 48 hours the SEC, CFTC and Fed published their own rules - turning a legislative defeat into something builders can actually read: an interface spec, with all the fragility that implies.- 15
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