By: Michelle Park Chiu, Jack Detiveaux, Joshua M. Goodman, Alice S. Hrdy &Rishi P. Satia (Morgan Lewis)
In this piece, the authors share an overview of the GENIUS Act, enacted in July 2025 as the first comprehensive US legislation governing digital assets, with a particular focus on stablecoins. The Act establishes a new regulatory framework intended to enhance institutional and consumer confidence by setting issuer standards, reserve requirements, AML compliance obligations, and consumer protections, while preserving the transactional efficiencies that make stablecoins attractive.
The authors explain that as digital assets—including cryptocurrencies, tokenized assets, and blockchain-based transfers—become more embedded in the global financial system, companies must remain attentive to antitrust considerations. These include traditional prohibitions on price fixing, market allocation, and other unlawful agreements among competitors, as well as heightened scrutiny around standard-setting processes, which can be procompetitive but also vulnerable to exclusionary or collusive conduct if misused.
Finally, the piece highlights antitrust risks associated with joint ventures and mergers in the digital asset space. Collaborative arrangements are typically assessed under the rule of reason and require fact-specific analysis, while M&A activity may face review under DOJ and FTC Merger Guidelines, including concerns over so-called “killer acquisitions” that could suppress emerging competition. As regulatory implementation of the GENIUS Act proceeds, the authors emphasize the importance of proactive antitrust risk assessment alongside innovation…