Nine months ago, Congress passed the GENIUS Act, establishing the first federal regulatory framework for payment stablecoins. The results have been demonstrative: the stablecoin market grew 49% in 2025, reaching $306 billion by year’s end. Circle, Ripple and other digital asset companies received provisional national banking charters from the OCC. Institutional capital that had been sitting on the sidelines moved into these markets. Recruiters, who a year earlier described an industry in which “every protocol foundation was bailing to the Caymans [tradingview.com],” now report that 90% of senior crypto leadership searches are U.S.-based. Clear rules produced exactly what their advocates said they would: investment, institutional…