Well, Genius was easier because it was smaller. Stablecoins is a very discrete one type of digital asset. And our goal in that legislation was simply to say If you're going to call yourself a payment stable coin, you need to be stable, meaning you have to have a dollar or a dollar equivalent sitting in a US bank account that is FDI insured. so that it is a stable market. Not an algorithmic asset, not something that is fly by night. Something that's stable can be relied on and used as value worldwide. (12:44–12:56)
CLAIM
Asserts that payment stablecoins must be backed by a dollar or equivalent in an FDIC-insured US bank account.
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