In the United States, the GENIUS Act establishes a specific perimeter for payment stablecoins, distinguishing them from securities. In Brazil, CVM Guidance Opinion No. 40 consolidates the functional approach to the classification of crypto-assets.
Stablecoins vs. Securities
- United States, GENIUS Act: The central point is remuneration: the GENIUS Act prohibits issuers from paying interest merely because a user holds the token, removing stablecoins from the concept of securities and limiting their use to a means of payment.
- In Brazil, the Capital Markets Law and CVM Guidance Opinion No. 40 apply a functional approach. If stablecoins are merely a means of payment, without any remuneration, the stablecoin should not fall within the concept of a security.
In sum: the GENIUS Act and Brazilian laws converge in separating payments from investments.
In the next post, we will address another sensitive point of the ecosystem: other reasons for and effects of the prohibition on paying remuneration on stablecoins.
