The Dollar Stack: GENIUS, CLARITY, and Europe's Unpriced Exposure
The Dollar Stack: GENIUS, CLARITY, and Europe's Unpriced Exposure
Working paper documenting the coordinated regulatory architecture of the GENIUS Act (P.L. 119-27, July 2025) and the Digital Asset Market Clarity Act (Senate Banking Committee markup cleared May 14, 2026, vote 15-9). The paper maps the European exposure gap — MiCA contains no mechanism to contest U.S. extraterritorial freeze orders affecting non-EU stablecoin issuers — and models three scenarios under varying EU macroeconomic conditions. Methodology: FACT/INFERENCE protocol, speculation excluded. All primary sources publicly accessible.
extraterritorial jurisdiction, MiCA, dollar dominance, GENIUS Act, financial sovereignty, stablecoin, European exposure, CLARITY Act
extraterritorial jurisdiction, MiCA, dollar dominance, GENIUS Act, financial sovereignty, stablecoin, European exposure, CLARITY Act
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