Source: Law & Liberty
by Paul H Kupiec
“Article I of the Constitution grants Congress the power to ‘coin money and regulate the value thereof.’ The Supreme Court has ruled that this power is exclusive and that Congress ‘may constitutionally secure the benefit of it to the people by appropriate legislation, and to that end may restrain, by suitable enactments, the circulation of any notes, not issued under its own authority,” including taxing the circulation of such notes. The GENIUS Act of 2025 creates a new electronic pseudo-currency — payment stablecoins. Stablecoins are instruments that can be used to make payments at distance over the Internet and circumvent the need and expense of using banks and their payment systems. In many respects, the GENIUS Act stablecoins resemble banknotes issued by state-chartered banks that circulated as currency until the 1860s.” (10/13/25)