Государственный долг, частные токены: как закон GENIUS связывает стейблкоины с суверенитетом США

Jimmy Thierry Levers
Additional contact information
Jimmy Thierry Levers: Patrice Lumumba Peoples' Friendship University of Russia RUDN

No jmuhb_v1, SocArXiv from Center for Open Science

Abstract: On July 18, 2025, the United States enacted the GENIUS Act, the first federal statute to create a comprehensive regime for payment in stablecoins. This article argues that GENIUS operationalizes state power in digital monetary space and measurably strengthens U.S. financial sovereignty. It analyzes the Act’s core levers, a licensing monopoly over issuance and a three-year perimeter on exchange offerings; aligned categories of permitted issuers; reserves confined to cash, short-tenor Treasuries, AML (Anti Money Laundering) and sanctions obligations. The article links these mechanisms to four sovereignty channels: (i) increased structural demand for U.S. public debt, (ii) consolidation of rule-of-law control over on-chain dollars, (iii) extraterritorial standard-setting through reciprocity regimes, and (iv) policy signaling that legitimizes compliant dollar tokens. However, the Act’s limits are jurisdictional arbitrage, privacy and civil-liberties trade-offs, and dependence on macro credibility. The contribution reframes “monetary sovereignty” as concrete design features and proposes near-term indicators, reserves composition disclosures, treasury rulemaking on AML/sanctions and privacy, and reciprocity determinations for foreign regimes. GENIUS does not settle digital-dollar design, but it materially expands U.S. capacity to anchor private token markets in public money.

Date: 2025-12-16
References: Add references at CitEc
Citations:

Downloads: (external link)
https://osf.io/download/693fc4c1f07db7c817486fb8/

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:osf:socarx:jmuhb_v1

DOI: 10.31219/osf.io/jmuhb_v1

Access Statistics for this paper

More papers in SocArXiv from Center for Open Science
Bibliographic data for series maintained by OSF ().