On July 18, 2025, the White House publishedThe President Signed into Law S. 1582the Guiding and Establishing National Innovation for U.S. Stablecoins Act or GENIUS Act, which provides for the regulation of payment stablecoins, and for other purposes. The accompanying Fact SheetPresident Donald J. Trump Signs GENIUS Act into Lawexplains that this Act will make the US the leader in digital assets. This act is supposed to protect consumers in the digital market with the first-ever Federal digital currency regulatory system. The Act requires 100% reserve backing with liquid assets like US dollars or short-term Treasuries. This act attempts to ensure the US Dollar retains its global reserve currency status. Stablecoin issuers have to register and abide by Stablecoin regulations. This act is said to deliver on President Trump's promise to make the US the "crypto capital of the world" and embrace digital assets.
That's all well and good, but what does the 48 page Act actually say(click here to download the pdf version)? This is a VERY short version of what the Act covers. Partly because I am not an accountant, have no experience with digital coins, and am against the entire concept of digitizing our money. I prefer to deal in cash for the majority of my transactions (like grocery, department stores, specialty shops, gas stations, and the like). That said, here is my synopsis of the GENIUS Act:
Section 1 says you can call the Guiding and Establishing National Innovation for US Stablecoins Act the "GENIUS" Act.
Section 2 defines a multitude of terms as listed in pages 1-5.
Section 3 covers Issuance and Treatment of Payment Stablecoins (pages 5-7). This section says ONLY US issuers registered with the Federal Government can issue Stablecoin. It gives issuers a grace period of 3 years (July 18, 2028) to get registered. It also prohibits foreigners from offering or selling or otherwise making available US Stablecoin unless they comply with US law. This section discusses a "limited" Safe Harbor with guidance from the Secretary of the Treasury to whom this section gives the right to issue regulations regarding Stablecoin. There is a maximum $1,000,000 fine for each violation, imprisonment for up to 5 years or both for violations of this section. Stablecoin issued by anyone OTHER THAN a Registered Stablecoin Issuer is NOT to be treated as cash or a cash equivalent for accounting purposes or used as collateral for futures commission merchants, derivative clearing organizations, broker-dealers, registered clearing agencies, and swap dealers or be acceptable as a settlement asset to facilitate wholesale payments between banks. This section does NOT apply to: (A) the direct transfer of digital assets between 2 individuals acting on their own behalf and for their own lawful purposes, without the involvement of an intermediary; (B) to any transaction involving the receipt of digital assets by an individual between an account owned by the individual in the US and an account owned by the individual abroad that are offered by the same parent company; or (C) to any transaction by means of a software or hardware wallet that facilitates an individual's own custody of digital assets.
Section 4 covers Requirements for Issuing Payment Stablecoins (pages 7-21) sets forth the rules to become an issuer of stablecoin. It requires issuers have on-hand the USD/coins and/or Federal Reserve notes in "on demand" credit on account in a Federal Reserve Bank for all issued stablecoins. They must have a clear & conspicuous procedure for timely redemption of outstanding payment stablecoins. All fees associated with purchasing or redeeming stablecoins must be publicly, clearly, and conspicuously disclosed in plain language. Issuers will receive the same treatment under the Bank Secrecy Act and Sanctions Laws. Stablecoin issuers cannot force a customer to agree to purchase additional products or services from the issuer. There is also an option for State-level Regulatory Regime.
Section 5 covers Approval of Subsidiaries of Insured Depository Institutions and Federal Qualified Payment Stablecoin Issuers (pages 21-25). It speaks to how applications to become an issuer are evaluated. It specifies a time frame of 120 days after receiving a "substantially complete" application to make a determination. If the application is not "substantially complete" notice is to be provided within 30 days of receipt of the application. If the issuer's application is turned down, there is an option to request a hearing within 30 days of the denial. This section supercedes and preempts State requirements for charters, licenses, or other authorization to do business with respect to a Federal qualified payment stablecoin issuer.
Section 6 covers Supervision and Enforcement with Respect to Federal Qualified Payment Stablecoin Issuers and Subsidiaries of Insured Depository Institutions (pages 25-29). This section includes Reports, Examinations, and Enforcement, including civil money penalties.
Section 7 covers State Qualified Payment Stablecoin Issuers (pages 29-32). Establishes a State payment stablecoin regulator with supervisory, examination, and enforcement authority over all State qualified payment stablecoin issuers of such State. It also addresses how State law applies to issuers.
Section 8 covers Anti-Money Laundering Protections (pages 32-35). This section discusses Payment Stablecoins Issued by a Foreign Payment Stablecoin Issuer (may not be publicly offered, sold, or otherwise made available for trading in the US); there is a prohibition on secondary trading; monetary and other penalties for violations, and reports are required.
Section 9 covers Anti-Money Laundering Innovation (pages 35-37). The Secretary of the Treasury will seek public comment to identify innovative or novel methods, techniques, or strategies that regulated financial institutions use, or have the potential to use, to detect illicit activity, such as money laundering, involving digital assets. The comments will begin being solicited August 18, 2025 and remain open for 60 days. [Just remember that your name, address, phone number, and other identifying information along with your comments become part of the public record should you choose to make a suggestion.] Also, the Financial Crimes Enforcement Network has until July 18, 2028 to issue public guidance and notice and comment rulemaking.
Section 10 covers Custody of Payment Stablecoin Reserve and Collateral (pages 37-39). Payment stablecoin reserves, payment stablecoins, cash, and other property of a permitted payment stablecoin issuer or customer shall be separately accounted for by a person described in subsection (a) and shall be segregated from and not commingled with the assets of the person (although there are exceptions listed).
Section 11 covers Treatment of Payment Stablecoin Issuers In Insolvency Proceedings (pages 39-41). [IF the issuer is required to keep on hand the funds to buy back all the stablecoin it has issued, then insolvency should not be an issue.] Should there be an insolvency issue; however, existing law will apply starting with the FDIC.
Section 12 covers Interoperability Standards (page 41).The primary Federal payment stablecoin regulators, in consultation with the National Institute of Standards and Technology, other relevant standard-setting organizations, and State bank and credit union regulators, shall assess and, if necessary, may, pursuant to section 553 of title 5, United States Code, and in a manner consistent with the National Technology Transfer and Advancement Act of 1995 (Public Law 104113), prescribe standards for permitted payment stablecoin issuers to promote compatibility and interoperability with(1) other permitted payment stablecoin issuers; and (2) the broader digital finance ecosystem, including accepted communications protocols and blockchains, permissioned or public.
Section 13 covers Rulemaking (pages 41-42) (a) In general.Not later than 1 year after the date of enactment of this Act, each primary Federal payment stablecoin regulator, the Secretary of the Treasury, and each State payment stablecoin regulator shall promulgate regulations to carry out this Act through appropriate notice and comment rulemaking. (b) Coordination.Federal payment stablecoin regulators, the Secretary of the Treasury, and State payment stablecoin regulators should coordinate, as appropriate, on the issuance of any regulations to implement this Act. (c) Report required.Not later than 180 days after the effective date of this Act, each Federal banking agency shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that confirms and describes the regulations promulgated to carry out this Act.
Section 14 covers Study on Non-Payment Stablecoins (page 42). The Secretary of the Treasury shall report no later than July 18, 2026 its analysis of non-payment stablecoin.
Section 15 covers Reports (pages 42-43). There is an annual reporting requirement.
Section 16 covers Authority of Banking Institutions (pages 43-44). Nothing in this Act may be construed to limit the authority of a depository institution, Federal Credit Union, State Credit Union, National Bank, or Trust Company to engage in activities permissible pursuant to applicable State and Federal law.
Section 17 covers Amendments to Clarify that Payment Stablecoins are NOT Securities or Commodities and Permitted Payment Stablecoin Issuers Are NOT Investment Companies (pages 44-45).
Section 18 covers Exception for Foreign Payment Stablecoin Issuers and Reciprocity for Payment Stablecoins Issued in Overseas Jurisdictions (pages 45-48). The Secretary of the Treasury may create and implement reciprocal arrangements or other bilateral agreements between the US and jurisdictions with payment stablecoin regulatory regimes that are comparable to the requirements established under this Act.
Section 19 covers Disclosure Relating to Payment Stablecoins page 48):Section 13104(a)(3) of title 5, United States Code, is amended, in the first sentence, by striking , or any deposits and inserting , any payment stablecoins issued by a permitted payment stablecoin issuer aggregating $5,000 or less held, or any deposits.
Section 20 says the Act is effective is the earlier of (1) 18 months after July 18, 2025 OR (2) 120 days after the primary Federal payment stablecoin regulators issue any final regulations implementing this Act (page 48).
Nixon took our US Dollar (USD) off the gold standard and put us on the Petrol Standard. That was for 50 years in agreement with Saudi Arabia. The 50 years passed and Saudi Arabia decided to not renew the agreement. So, our USD has no backing at this time. Not gold. Not oil. Nothing. Now the US Government has created a "new" digital "Stablecoin" that is backed by the USD and US Treasuries with the USD being backed by nothing and the US Treasuries being backed by our debt. So, how does Stablecoin help anything or anyone? We already have a variety of digital payment options with which to pay for what we want to buy. We already do the majority of our transactions digitally. I do not see how "Stablecoin" is any better than anything we already have and in a lot of ways it's worse because it's backed by the unbacked USD.
In addition, there will be fees to 'buy' and 'use' stablecoin (i.e., obtain them then use them for payments or return them for cash).
As to not-trackable transactions. Well, I think there's no such thing as "not-trackable" in the digital world.
Sec. 70501. Termination of previously-owned clean vehicle credit changing the expiration date to 'after September 30, 2025.'
Sec. 70502. Termination of clean vehicle credit changes the expiration date to 'acquired after September 30, 2025.'
Sec. 70503. Termination of qualified commercial clean vehicles creditchanging the expiration date to 'after September 30, 2025.'
Sec. 70504. Termination of alternative fuel vehicle refueling property creditchanging the expiration date to 'after June 30, 2026.'
Sec. 70505. Termination of energy efficient home improvement credit changing the expiration date to 'placed in service after December 31, 2025.'
Sec. 70506. Termination of residential clean energy credit changing the expiration date to 'any expenditures made after December 31, 2025.'
Sec. 70507. Termination of energy efficient commercial buildings deduction adds new subsection "This section shall not apply with respect to property the construction of which begins after June 30, 2026.'
Sec. 70508. Termination of new energy efficient home creditchanging the expiration date to 'after June 30,2026.'
Sec. 70509. Termination of cost recovery for energy property changing the effective date to 'begins after December 31, 2024.'
Sec. 70510. Modifications of zero-emission nuclear power production credit adds new paragraph (3) Restrictions Relating to Prohibited Foreign Entities - (A) In General No credit shall be determined under subsection (a) for any taxable year beginning after the date of enactment of this paragraph if the taxpayer is a specific foreign entity (as defined in section 7701(a)(51)(B). (B) Other Prohibited Foreign Entities - No credit shall be determined under subsection (a) for any taxable year beginning after the date which is 2 years after the date of enactment of this paragraph if the taxpayer is a foreign-influenced entity (as defined in section 7701(a)(51)(D), without regard to clause (i)(II) thereof). (b) Effective Date - The amendments made by this section shall apply to taxable years beginning after the date of enactment (July 4, 2025) of this Act.
Sec. 70511. Termination of clean hydrogen production credit changes the expiration date to January 1, 2028.
Sec. 70512. Termination and restrictions on clean electricity production credit changes Section 54Y(d) to "applicable year means calendar year 2032." Changes (4) Termination for Wind and Solar Facilities to "this section shall not apply with respect to any applicable facility placed in service after December 31, 2027." This section goes on to discuss changes to foreign influence and has a variety of expiration dates for the different aspects of production.
Sec. 70513. Termination and restrictions on clean electricity investment credit adds (4) Termination for Wind and Solar Facilities which shall not apply to any property placed in service by the taxpayer after December 31, 2027. This section goes on to discuss changes to foreign entities.
Sec. 70514. Phase-out and restrictions on advanced manufacturing production credit as related to integrated components, critical minerals other than metallurgical coal, with phaseout dates and percentages ranging from 2031, 75% to 2033 0%. Termination for Wind Energy Components shall not apply to any wind energy component produced and sold after December 31, 2027. Termination for Metallurgical Coal shall not apply to any metallurgical coal produced after December 31, 2029. Material Assistance from Prohibited Foreign Entities shall not include any material assistance used in a product sold before January 1, 2027.
Sec. 70515. Restriction on the extension of advanced energy project credit program changes "shall be increased" to "shall NOT be increased" effective July 4, 2025.
Sec. 70521. Extension and modification of clean fuel production credit adds "such fuel is exclusively derived from a feedstock which was produced or grown in the US, Mexico, or Canada effective for fuel produced after December 31, 2025. This section also rounds emissions rates to the nearest multiple of 5 kg of CO2e per mmBTU and emissions rate for a transportation fuel may not be less than zero. Effective for transportation fuel produced after December 31, 2025. The extension of the clean fuel production credit is extended to December 31, 2029.
Sec. 70522. Restrictions on carbon oxide sequestration credit adds no credit shall be determined under subsection (a) for any taxable year beginning after July 4, 2025.
Sec. 70523. Intangible drilling and development costs taken into account for purposes of computing adjusted financial statement income (aka depreciation) starting after December 31, 2025.
Sec. 70524. Income from hydrogen storage, carbon capture, advanced nuclear, hydropower, and geothermal energy added to qualifying income of certain publicly traded partnerships effective after December 31, 2025.
Sec. 70525. Allow for payments to certain individuals who dye fuel effective to eligible indelibly dyed diesel fuel or kerosene removed on or after the date that is 180 days after the July 4, 2025 enactment of this section (Approximately January 4, 2026).
Sec. 70531. Modifications to de minimis entry privilege for commercial shipments adds "Any person who enters, introduces, facilitates, or attempts to introduce an article into the US using the privilege of this section, the importation of which violates any other provision of US customs law, shall be assessed, in addition to any other penalty permitted by law, a civil penalty of up to $5,000 for the first violation and up to $10,000 for each subsequent violation. Effective approximately August 4, 2025 (30 days after July 4, 2025 enactment date).
I guess they decided to put off stopping the 'green' subsidies for a couple years - why? Maybe because of projects that are already in the works? Again, I am in no way a tax professional. If any of these sections apply to your situation, I highly recommend you consult a tax professional.
This nation was not built by perfect men but by committed ones. Be the kind of person who rides through the storm.
Today's Patriot, Caesar Rodney Jr of Delaware who was born on October 7, 1728 in East Dover Hundred, Kent County, Delaware at the family's plantation called Byfield. He was the eldest son of Caesar Rodney, Sr (1707-1745) and Elizabeth Crawford Rodney (1709-1763) and had 7 siblings.
Caesar attended The Latin School and later the College of Philadelphia. He had to withdraw in 1746 because his father died. Delaware Supreme Court Justice Nicholas Ridgely was given guardianship over Caesar by the Delaware Orphan's Court even though his mother was still alive. Although we was popular and well-esteemed, Caesar never married, nor had any known children. His life revolved around politics. He was a bit sickly, having asthma as a child that plagued him into adulthood. As an adult, he had facial cancer that nothing seemed to cure and would wear a green scarf to hide his face.
He started his political career as Sheriff in Dover, Kent County, Delaware from 1755-1758 (a 3-year term) followed by becoming Justice of the Peace in the Court of Common Pleas from 1759-1769 in New Castle, Delaware. From there he became an Assemblyman in the Legislature of New Castle, Delaware from 1761-1769. He was a delegate to New York's Stamp Act Congress in 1765. He Served as an Associate Justice to the Supreme Court from 1769-1777 while also serving as an active Assemblyman in the Legislature in New Castle, Delaware from 1769-1776. He was a Delegate to the Continental Congress from 1775-1776. Although he was appointed Delegate beyond 1776, he did not serve. He was Delaware State President from 1778-1781 in Dover. He served as a Councilman in Dover from 1783-1784 as a non-partisan member.
Caesar was in Dover when he found out there was a deadlock in the Continental Congress, so he rode more than 70 miles in a thunderstorm arriving in Philadelphia on July 2 just as voting begun allowing him to cast a 'yea' vote to break the stalemate for the Delaware delegates. He signed the Declaration of Independence on August 2, 1776.
Caesar served with the Delaware Militia as a Major General in the American Revolutionary War and fought during the 1780 Black Camp Rebellion.
Caesar died June 26, 1784 at age 55 most likely from the facial cancer. While there is a memorial marker for him at Christ Episcopal Church, he is actually buried in an unmarked grave in an unmarked plot on the family farm.
Caesar Rodney School District in Delaware is named after him. He is included in the Broadway Musical 1776 and in the film adaptation 1776 being portrayed as an elderly man (although he was actually 48 years of age in 1776) suffering from facial cancer. The role of Caesar in the film is played by William Hansen. Watch the film adaptation1776 for free in the second video below.
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Dangerous, Derogatory, Harmful, Unreliable!
Those are some of the exact words used by Googles censors, aka 'Orwelliancontent police,' in describing many of our controversial stories.Stories later proven to be truthful and light years ahead of the mainstream media. But because we reported those 'inconvenient truths' they're trying to bankrupt ANP.
