MiddleGame Ventures warns US stablecoin rules bake issuer “memory” into digital dollars
Reuters2026/09/08 07:53- MiddleGame Ventures analysis warned US stablecoin rules are embedding “money with a memory,” enabling issuer freezes and burns at token level.
- It cited the 2025 GENIUS Act requirement that issuers must be able to comply with lawful orders to block transfers.
- The note flagged April 2026 FinCEN-OFAC proposals extending blocking to secondary markets, raising compliance costs and operational friction.
- It argued the design expands US enforcement reach to offshore holders via token controls, undermining self-custody and confidence in usability.
- Europe’s digital euro offline mode was framed as a potential competitive advantage via cash-like privacy, contrasting with dollar stablecoin traceability.
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