A turning point in U.S. crypto regulation signals fresh alignment between policy and market infrastructure, unlocking new avenues for stablecoin integration in the financial system. U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce stated on July 18 that the GENIUS Act, now signed into law, eliminates long-standing ambiguity surrounding payment stablecoins by excluding them from the definition of securities.

With regulatory authority assigned to both state and federal banking agencies, the law provides a foundation of legal certainty and operational guidance for stablecoin issuers. Peirce stressed that the SEC must also update its approach to support the safe and effective incorporation of stablecoins into capital markets. Reinforcing this position, Peirce posted on social media platform X:

The GENIUS Act got signed into law today, and I look forward to working with SEC-regulated entities to integrate payment stablecoins safely into our capital markets.

Her remarks highlight the role of the SEC’s Crypto Task Force in translating legislative intent into workable regulatory practices. She added that the act establishes a formal framework for oversight, stating: “The GENIUS Act, by putting a regulatory framework around them, aims to protect current and future users and the financial system. The GENIUS Act charges state and federal banking regulators with overseeing payment stablecoin issuers. This clear direction from Congress also should serve as a catalyst for the SEC to provide guidance on how SEC registrants can use—and accommodate their customers’ use of—payment stablecoins.”

The SEC launched a Crypto Task Force in January, led by Commissioner Peirce, marking a clear pivot from “regulation by enforcement” to proactive engagement. The task force aims to clarify digital asset classifications, develop tailored disclosure standards, and provide registration pathways. Peirce is prioritizing transparency and public input to shape a more constructive crypto regulatory framework.

Peirce extended a direct appeal to the industry:

I invite investors and market participants regulated by the SEC to engage with the Crypto Task Force on what the Commission needs to do, in light of the GENIUS Act, to ensure that SEC registrants interacting with payment stablecoins can serve their customers effectively, efficiently, and safely.

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