Capital & Conduct

The Federal Reserve has issued its proposed GENIUS Act rules for payment stablecoins. In this episode of Capital & Conduct, Joshua Smeltzer covers the parts issuers and counterparties need to hear before the 60-day comment window closes.

You cannot just wake up and issue a payment stablecoin. The proposal is specific about who may issue, what must back every coin and what follows if that backing fails. Capital is a separate test. Yield is where the comments will pile up. State-qualified issuers are not outside the federal frame.

January 2027 is the effective date. This episode is the map, not the 400-page packet.

About the host Joshua Smeltzer is Partner, Tax Litigation Practice Leader and Co-Chair of Gray Reed's Blockchain and Digital Asset Practice.

Connect https://www.linkedin.com/in/joshua-smeltzer-bb07714 https://www.grayreed.com @JDSmeltzer @GrayReedLaw

In this episode of Capital & Conduct, Gray Reed Partner Joshua Smeltzer sits down with Rohan Bose, Senior Associate at Teknos Associates in Dallas, to talk through one of the most litigated issues in digital assets: valuation.

The price on the screen is not fair market value. A locked token is not the same as a freely traded token. High volume can still come from two or three wallets. And if a dispute arises you need a defensible number, not a headline price.

Rohan explains how traditional valuation principles still apply and why the data, markets and restrictions do not. The conversation covers market, cost and income approaches, lockups, discounts for lack of marketability, slippage on large positions, wash trading, public blockchain data, stablecoins after the GENIUS Act and how to value a token before a single unit has traded.

If you hold tokens, advise companies launching them or may one day have to defend a value in court, this episode is a practical place to start.

About the guests Joshua Smeltzer is Partner, Tax Litigation Practice Leader and Co-Chair of Gray Reed's Blockchain and Digital Asset Practice. Rohan Bose is a Senior Associate in the Teknos Associates crypto valuation practice.

Connect

Joshua Smeltzer https://www.linkedin.com/in/joshua-smeltzer-bb07714 https://www.grayreed.com/Our-People/Joshua-D-Smeltzer @JDSmeltzer

Gray Reed https://www.grayreed.com https://www.linkedin.com/company/grayreed @GrayReedLaw

Rohan Bose / Teknos Associates https://www.teknosassociates.com/teknos-staff/rohan-bose/ https://www.teknosassociates.com https://www.linkedin.com/company/teknos-associates-llc @TeknosValuation