A New Era for Stablecoins (L’AGEFI)

In their recent L’AGEFI article, Goodwin’s William Stern and Céline Moille explain that, since the 2008 financial crisis and the rise of fintech companies, financial regulation has become a central issue on both sides of the Atlantic. In Europe, instruments such as the Markets in Crypto-Assets Regulation, the Digital Operational Resilience Act, and the amended Alternative Investment Fund Managers Directive form a dense framework focused on investor protection. In the United States, crypto-asset regulation has remained fragmented for a long time among federal agencies and banking regulators — including the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Department of the Treasury, and the Federal Reserve — in addition to disparate state-level regimes. Stablecoin issuers operated in a gray area even as the market exceeded $100 billion. It is in this context that the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act was enacted in July 2025.
 
Read the full analysis: “A New Era for Stablecoins” (L’AGEFI)  

 

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