Alberts Quoted in Law360 on Compliance Challenges for Stablecoin Issuers Under the Genius Act
Pryor Cashman Partner Jeffrey Alberts, Co-Chair of the firm’s Financial Institutions and FinTech Practices, was quoted in a Law360 article discussing the compliance challenges facing stablecoin issuers under the newly enacted Genius Act, the first major piece of crypto legislation signed into law.
In the article, “As Trump Signs Stablecoin Bill, Attorneys Talk Compliance,” Jeffrey addressed the importance of preparing for future regulatory scrutiny, noting that firms entering the stablecoin space may be unaccustomed to the level of oversight typically faced by traditional financial institutions. He cautioned that while the Trump administration currently emphasizes clarity over enforcement, future administrations may adopt a different approach:
“There’s a real risk that you’re going to see a bunch of inadvertent violations and slip-ups, and a related factor is when that’s evaluated is likely to be after the Trump presidency.”
Jeffrey also highlighted the necessity of building flexible compliance programs to navigate the evolving regulatory landscape. He explained that firms should plan not only for current compliance standards under the Genius Act, but also for potential future shifts in regulatory focus:
“One thing that I’m telling clients is when you build out these programs, and you think about your risk and how much you want to invest in mitigating the risk of a violation, you should keep in mind that the regulatory scrutiny that you should be thinking about isn’t the regulators in place right now, it’s who’s going to be potentially looking into this in the next administration.”
Read the full article using the link below.
