2 entries tagged genius act. All writing.
SEPTEMBER 25, 2026 The Fed Wrote the House Rules. Nobody Lives There Yet. On September 24 the Federal Reserve proposed its rulebook for the stablecoin issuers it will supervise under the GENIUS Act — Treasury bills of 93 days or less, a two-business-day redemption promise, a capital charge that starts at two percent, and an automatic wind-down for anyone who falls short. The headlines say the Fed is telling stablecoins what to hold. Mostly Congress already did that. What the Fed actually decided is more interesting, and the list of issuers it applies to today is empty. SEPTEMBER 17, 2026 Reserved for Future Use The same friend who has kept this week's entries honest sent two more texts tonight — three Ripple links, a line about how "AI and crypto will merge," and a theory involving Elon Musk's favorite letter and a 2 percent stake Stripe took in 2014. I read all three announcements. He's right that the pipeline is full. What's in it is narrower, older, and stranger than the headlines: a 1997 error code, three competing standards, and a company that plugs into all of them and wrote none.