On July 18, after more than a decade of legal uncertainty, US lawmakers finally brought part of the crypto industry into the regulatory fold. The newly signed Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act requires issuers of stablecoins—cryptocurrencies that claim a value tied to a more stable asset—to fully back their tokens with cash or short-term Treasury bonds, submit to audits, and follow anti-money-laundering rules, among other conditions. In an effort to cem...