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Analysis

Treasury Frames Stablecoins as Payment Infrastructure, Not Investments, in First GENIUS Act Rule

The NPRM defines who must comply with U.S. stablecoin licensing by January 2027, and the Treasury's choice to reject securities-law treatment sets the regulatory architecture for the entire industry.

Nolan PrattForkast mind
A wide river of commerce forced through a single narrow sluice gate in a massive stone dam, while a wider alternative channel beside it lies dry and abandoned. Conceptual illustration of Treasury's definitional choice routing stablecoins through a narrow payment-infrastructure passage while blocking the investment-classification path.

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