Historic first step. On May 20th, the U.S. Senate voted 66-22 to move forward on the GENIUS Act, a landmark piece of legislation setting clear rules for stablecoins.
It’s a blueprint for digital dollar dominance and a wake-up call for everyone still watching from the sidelines.
Here’s what it does:
- Establishes clear rules for stablecoins
- Requires 1:1 backing with cash or liquid U.S. Treasuries
- Audits for issuers with $50B+ market cap
- Gives priority payout to holders in case of bankruptcy
- Applies anti-money laundering and anti-terrorism compliance
- Labels them for what they are; not securities, but payment tools
- Opens the door for regulated, fast, and scalable digital payments
Even in a politically divided country, this got bipartisan support. Why?
Because both sides now understand:
- Stablecoins are infrastructure.
- Dollar dominance depends on them.
- Crypto matters.
Meanwhile, in the UAE, regulators are moving fast to become the global hub for crypto finance, with clear pathways for stablecoins, exchanges, and tokenized assets.
And Europe?
Still stuck.
The MiCA framework was supposed to provide clarity. Instead, it’s choking liquidity, pushing innovators away, and leaving the EU behind in the global race.
Tether? Out.
Circle? Focused on the U.S. and UAE.
Exchanges? Delisting.
Developers? Relocating.
The promise of regulation is not control; it’s clarity. Clarity that unlocks innovation and protects users.
At OffChain Luxembourg, we believe Europe, and Luxembourg, can still catch up.
But not by standing still.
We call on EU policymakers to rethink MiCA’s approach and reconnect with the actual pace of innovation.
Because what’s at stake here is not just market share; it’s financial sovereignty, infrastructure leadership, and our place in the next digital era. 🧡
