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.
Tyler Cowen
2026.01.12
85% relevant
The article’s claim (Asdrúbal Oliveros: ~80% of Venezuela’s oil revenue collected in stablecoins such as Tether) is an instantiation of why stablecoins matter as de‑facto money and public‑finance objects; it strengthens the case in the existing idea that stablecoins function like cash and therefore invite fiscal, regulatory, and taxation remedies (and create seigniorage and sovereignty questions).
msmash
2025.12.01
80% relevant
The PBOC statement treats stablecoins as outside legitimate money and emphasizes state control — the same governance domain (sovereign currency and seigniorage) that the 'Tax Stablecoins Like Banknotes' idea addresses; China’s posture is a concrete instance of states asserting monetary prerogatives over private digital money.
Paul H. Kupiec
2025.10.13
100% relevant
The article cites GENIUS Act provisions that allow cash‑equivalent treatment, mandate dollar‑for‑dollar reserves that earn interest for issuers, and omit any taxes or agency fee authority.