Stablecoins After the GENIUS Act, Part 3: Do You Still Need Money Transmitter Licenses?

Law and Ledger is a news segment focusing on crypto legal news, brought to you by Kelman Law – A law firm focused on digital asset commerce. The GENIUS Act creates a federal framework for issuing payment stablecoins, but it does not eliminate money-transmission regulation for every business that handles them. Exchanges, wallets, payment processors, and remittance companies may still need to register with the Financial Crimes Enforcement Network as money services businesses and obtain state money transmitter or virtual-currency licenses. The practical question is not simply whether a company uses a stablecoin issued by a regulated entity.