Tax Stablecoins Like Banknotes

Historically, Congress used its exclusive coinage power to restrain private currencies by taxing state‑bank notes, a practice upheld by the Supreme Court. The GENIUS Act creates payment stablecoins that can be treated as cash equivalents yet exempts them from taxation and even regulatory fees. This marks a sharp break from tradition that shifts seigniorage and supervision costs away from issuers. — It reframes stablecoins as a constitutional coinage and fiscal policy issue, not just a tech regulation question, with consequences for monetary sovereignty and funding of oversight.