In the Headlines
June 17, 2025
Senate Passes Stablecoin Bill, Advancing Push for Crypto Regulation
Law.com
Litigation attorney Andrew Balthazor, who co-leads the firm's Crypto Asset Dispute Team, was quoted in a Law.com article about the recent passage of the Genius Act by the U.S. Senate, marking a significant step toward establishing clear regulations for stablecoin issuers. He predicted fiat-based stablecoins will become a parallel payment method, making it all the more important for legislation providing guidance on their use, and suggested companies and counsel will need to work together to address the unique fraud risks these digital assets pose.
"It is a matter of when, not if, fiat-backed stablecoins become a parallel payment method," he said. "Stablecoins lack the anti-fraud features of conventional payment systems, so I expect attorneys will need to address these risks with clients prophylactically or be exposed to potential liability as consumers using stablecoins are targeted by scammers."
READ: Senate Passes Stablecoin Bill, Advancing Push for Crypto Regulation (Subscription required)
"It is a matter of when, not if, fiat-backed stablecoins become a parallel payment method," he said. "Stablecoins lack the anti-fraud features of conventional payment systems, so I expect attorneys will need to address these risks with clients prophylactically or be exposed to potential liability as consumers using stablecoins are targeted by scammers."
READ: Senate Passes Stablecoin Bill, Advancing Push for Crypto Regulation (Subscription required)