Ripple CLO Lays Out Industry Demands for GENIUS Act Stablecoin Rules
- —NCA proposes a safe harbor letting users redeem or convert coins if an issuer loses its license
- —The industry accepts the 100% reserve requirement without objection
- —Reissuing a stolen stablecoin under a court order should be explicitly permitted
- —Non-custodial wallets and peer-to-peer transfers should not be treated as intermediaries
Why it matters: Treasury's GENIUS Act rules will determine how USDC and USDT holders in the U.S. are protected if an issuer fails.
Source: U.Today