This session examines the GENIUS Act, recently passed by the Senate, which aims to integrate payment stablecoins into the U.S. financial system. This legislation defines stablecoins as digital assets designed for payments and settlement, offering a step toward clearer regulation. However, there is a significant unresolved issue concerning the "Know Your Customer" (KYC) requirements for stablecoin recipients. The core problem is how to perform identity verification on an anonymous wallet address, contrasting this with traditional banking transactions where the recipient's identity is often unknown after withdrawal from an ATM. Despite this regulatory gap, the Act can be treated as a positive progress, though further work is necessary to address these complexities.

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