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 classifying crypto-assets.
𝐒𝐭𝐚𝐛𝐥𝐞𝐜𝐨𝐢𝐧𝐬 𝐯𝐬. 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 ● U.S. - GENIUS Act: The key point is remuneration: the GENIUS Act prohibits issuers from paying interest merely because the user holds the token, removing stablecoins from the definition 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, they should not fall within the definition of a security.
In short: the GENIUS Act and Brazilian law converge in separating payments from investments.
In the next post, we will address another sensitive point in the ecosystem: other reasons for, and effects of, the ban on paying remuneration on stablecoins.
Author: Marcelo De Callis
