Session Video
In a pivotal legal panel moderated by Michael Frisch, four legal experts dissected the sweeping changes in crypto regulation and policy over the past year. With Andrew Gordon (Gordon Law), Robert Musiala (BakerHostetler), and Olta Andoni (Enclave Markets), the discussion covered the implications of newly passed legislation like the Genius Act, proposed bills like the Clarity Act, and evolving SEC and CFTC stances. The panel offered a legal deep dive into how these frameworks will impact stablecoin
The panel framed 2025 as a turning point for U.S. crypto regulation. Andrew Gordon emphasized the legislative wins with the Genius Act (signed into law) and the Clarity Act (pending), describing them as crucial milestones for establishing rules around stablecoins and token classification. Olta Andoni noted that while the Genius Act introduces long-needed consumer protections and audit standards for stablecoins, the Clarity Act faces hurdles due to Senate revisions that strip protections for decentralized protocols. The panel also discussed the diminishing "regulation by enforcement" trend, as more structured legal pathways emerge.
Robert Musiala explained how the Genius Act brings stablecoins into the mainstream financial system by imposing audits, reserve requirements, and anti-money laundering protocols. He highlighted its potential to turn stablecoins into default payment rails for B2B and e-commerce. Gordon outlined the SEC's evolving stance—from publishing tax and staking guidance to proposing developer exemptions and potential “innovation waivers.” Andoni flagged the risk that revised Senate drafts may omit key protections for DeFi protocols and leave implementation fragmented. Tax policy emerged as an unresolved frontier; the IRS has offered little guidance on staking, lending, and airdrops, leaving users in regulatory limbo.
Implications for Builders and Investors
Builders were advised to stay engaged with the public comment process around Clarity and Genius implementations, especially around stablecoin issuance and decentralized protocol exemptions. As Musiala noted, these laws could unlock mass adoption of stablecoins as legal tender equivalents. Gordon urged tax clarity to avoid penalizing retail participation. Overall, the panel signaled a shift toward clearer frameworks—beneficial for institutional investors, but requiring vigilance from startups navigating evolving U.S. compliance obligations.
