After years of hostility toward crypto, the U.S. passed its first-ever federal law regarding the industry.

The GENIUS Act, stablecoin legislation backed by both parties, was signed by President Trump’s desk after a last-minute showdown in Congress. Despite being seen as a sure thing, the bill’s path turned turbulent this week, with objections from Democrats over Trump’s crypto ties, and a sudden revolt from the Freedom Caucus around anti-CBDC language.

Now that it’s through, what will this law actually do? And who stands to benefit—or lose?

In this episode, Dante Disparte, Circle’s chief strategy officer and one of the key players behind the legislation, joins Unchained to explain:

How the bill won bipartisan support despite political tensions

Why banks may think twice before issuing stablecoins

And why Circle is applying for a national trust bank charter

Plus, the battle over interest-bearing stablecoins, how this bill fits into the broader financial regulatory landscape, and whether U.S. consumers and the dollar come out ahead.

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Xapo Bank

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Dante Disparte, Chief Strategy Officer and Head of Global Policy and Operations at Circle

Unchained: 

GENIUS Act Passes: Who Are the Winners, Losers, and What Comes Next?

​​House Passes Landmark Crypto Legislation: GENIUS Act and Digital Asset Bills

Circle Seeks U.S. Banking License to Directly Custody Billions in USDC Reserves

Fortune: JPMorgan Chase’s new fees for data could ‘cripple’ crypto and fintech startups, executives warn

Reuters: Some big US banks plan to launch stablecoins, expecting crypto-friendly regulations

Timestamps:

🎬0:00 Intro

🇺🇸 2:23 Why Dante says this “crypto week” went better than anyone expected

🤝 3:44 How the GENIUS Act won bipartisan support despite major political friction

📜 6:10 Why Dante believes the bill is bigger than just crypto

🏦 9:02 How Circle plans to compete with the banking giants

🪪 15:22 What Circle hopes to achieve with its national trust bank application

🔐 18:28 Why financial privacy matters so much in the U.S. system

💵 19:34 How deposit tokens differ from stablecoins

📈 22:34 What Circle might do when interest-bearing stablecoins are finally allowed

👛 27:43 How this new law could impact everyday Americans and their money

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