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TBL Thinks: GENIUS Act

Demian Schatt and Chandni Bhatia

Jul 23

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Dear Readers,

It’s Thinking Time! This week, we cover the Genius Act.

TBL Thinks is our way to summarize the most important paywalled, longer reads relevant to global macroeconomics, helping you cut through the noise. With that in mind, enjoy.

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Featuring a macro update from Tuur and a clinic on self-custody from Unchained’s Tyler Campbell, this is your chance to align your bitcoin strategy with what’s next.

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A one-of-a-kind newsletter connecting the dots between financial repression, geopolitics, and emerging tech.

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Big Victory for Crypto Industry

We thought about it. We talked about it. We wrote about it. And now it’s done. On July 17th, 2025, the House passed the GENIUS Act without amendment. The next day, President Trump signed it into law, marking it the country’s first-ever major cryptocurrency legislation.

Until now, stablecoins have had no clear federal rules. Issuers operated under a patchwork of state regulations, and the legal status of stablecoins under federal law remained uncertain. The GENIUS Act ends that ambiguity and creates a unified national framework for “payment stablecoins.”

Why this matters:...

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