WilmerHale Hosts Crypto Webinar Series to Discuss Landmark Legislation
Exploring the Present State of Cryptocurrency: Analyzing the GENIUS Act, CLARITY Act, and Insights into the Future Cryptocurrency Market
In a series of informative webinars, law firm WilmerHale is delving into the intricacies of two significant pieces of crypto legislation: the GENIUS Act and the CLARITY Act. These legislative efforts represent major developments in the U.S. crypto regulatory landscape.
GENIUS Act: Key Discussions, Insights, and Implications
The GENIUS Act, signed into law on July 18, 2025, marks the first major U.S. legislation explicitly regulating stablecoins, a $250 billion market sector. The Act aims to foster innovation while ensuring consumer protection and financial stability.
The legislation defines a payment stablecoin as a digital asset designed for payment or settlement, backed by a fixed monetary value and expected to maintain stable value, excluding national currencies, deposits, or securities. Digital assets are recorded on cryptographically secured distributed ledgers.
All payment stablecoin issuers targeting U.S. persons must become “permitted payment stablecoin issuers” and are subject to federal supervision, primarily through the Office of the Comptroller of the Currency (OCC) or state regulators. Issuers must maintain 100% reserve backing with liquid assets such as U.S. dollars or short-term Treasuries and are required to disclose monthly the composition of their reserves to ensure transparency. Strict marketing rules protect consumers from deceptive practices.
The Act prohibits stablecoin issuance by unauthorized entities in the U.S. but allows registered foreign issuers under comparable regulatory regimes to operate. Secondary market trading of unauthorized stablecoins will be phased out within three years. The law takes effect either 18 months post-enactment or soon after enabling regulations are issued—a regulation timeline that mandates implementation within one year.
By requiring tax contributions and regulatory compliance domestically, the Act intends to strengthen the U.S. dollar’s reserve status and contribute to national security. It also addresses concerns about foreign competition by allowing foreign issuers with equivalent supervision to participate without disadvantaging U.S. firms.
CLARITY Act: Details and Implications
While the search results do not provide detailed information or insights on the CLARITY Act as discussed in the webinar, it is likely another legislative initiative related to cryptocurrency regulation, possibly focusing on clarifying legal frameworks or compliance requirements in the crypto industry. However, a definitive summary or implications from the webinar series cannot be drawn from the current sources.
Panelists and CLE Credits
The webinar series is chaired by Matthew B. Kulkin, partner and chair of the firm's Futures and Derivatives practice at WilmerHale. The panelists include Jeremy Moorehouse, Zachary Goldman, and Jeffrey Wieand. The program is being planned to offer CLE credit for experienced New York attorneys only.
The webinar will also cover the SEC and CFTC market structure regulatory framework for digital commodities set forth in the CLARITY Act. Participants will have the opportunity to contribute questions online during the webinar. CLE credit is not available for on-demand webinar recordings.
WilmerHale has been accredited by the New York State and California State Continuing Legal Education Boards as a provider of continuing legal education. The firm's Blockchain and Cryptocurrency Working Group, led by Zachary Goldman, guides established financial institutions as they explore the potential of blockchain and crypto.
The webinar series helps dynamic companies stay agile and achieve their goals while mitigating risk. Attendees of this program may be able to claim England & Wales CPD, and the webinar is being planned to offer CLE credit in California and non-transitional credit in New York for attendees who join the live presentation.
If you seek detailed commentary or the full exploration of these acts as presented by WilmerHale, consulting their webinar directly or their legal analysis releases would be advisable.
- The GENIUS Act, in addition to regulating stablecoins, also sheds light on public policy regarding finance and technology, as it mandates federal supervision, reserve backing with liquid assets, and transparency, while ensuring consumer protection and financial stability.
- The CLARITY Act, although not extensively discussed, seems to focus on cryptocurrency regulations, particularly clarifying legal frameworks and compliance requirements in the crypto industry, which factors in both finance and technology aspects.
