BZ

Now that the GENIUS act is in the home stretch, there’s a lot of talk on what stablecoin is compliant. Is it $xrp/ripple/RLUSD? Nope Is it $usdc/circle? Nope Is it $tether? Nope It’s $tel(Telcoin) Telcoin is uniquely well-positioned under the proposed GENIUS Act due to its Digital Asset Bank Charter granted by Nebraska under the Transactions in Digital Assets Act (LB649). This codified state law explicitly authorizes the issuance and management of digital assets, including stablecoins, by chartered entities. Importantly, the GENIUS Act stipulates that only “state-qualified issuers” operating within states that have adopted a formal, legislative framework for digital assets will be eligible to issue compliant stablecoins. Nebraska’s statute clearly meets that federal requirement, giving Telcoin a clear and defensible legal pathway toward national regulatory compliance. In contrast, RLUSD, issued by Standard Custody & Trust and overseen by the New York Department of Financial Services (NYDFS), operates under a regulatory regime based on guidance rather than statute. Although NYDFS published stablecoin guidance in 2022 — mandating 1:1 reserves, auditability, and redemption rights — New York has not enacted a specific stablecoin law. That distinction matters: under the GENIUS Act, regulatory guidance alone may not satisfy federal requirements if it lacks the backing of an enacted state statute. This leaves RLUSD in a gray area of compliance, dependent on whether federal regulators view NYDFS’s oversight as sufficiently robust. The same regulatory uncertainty applies to Circle’s USDC, which is primarily issued under various state money transmitter licenses and a limited-purpose trust charter from NYDFS. Circle has advocated for federal legislation and cooperates with regulators, but like RLUSD, it lacks a foundation in a state statutory framework for digital assets. As with RLUSD, USDC’s path to GENIUS Act compliance hinges on whether its existing regulatory structure will be recognized as equivalent to the Act’s “state-qualified issuer” standard — a significant unknown. In summary, Telcoin’s operations under a legislative charter place it in a stronger position than both RLUSD and USDC under the GENIUS Act. Where others depend on discretionary recognition of regulatory guidance, Telcoin operates on the basis of codified law — a key distinction that could define future leadership in the U.S. stablecoin market.

31,932 görüntüleme