On November 25, 2025, Christopher Boone published, “How Banks Can Pilot Token Services As Fed Mulls Reforms” in Law360. The following is an excerpt:
With the passage of the Genius Act, U.S. dollar-pegged stablecoins have shifted from experiment to execution. Banks, processors and merchants are no longer debating whether to engage with tokenized dollars but determining how to do so within a regulated framework.
At the same time, the Federal Reserve is exploring complementary reforms. During the inaugural Payments Innovation Conference on Oct. 21, Fed Gov. Christopher J. Waller asked the Fed staff to study a streamlined "payment account" that would give legally eligible institutions limited-risk access to core Fed payment services.
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