In July 2025, the President signed the GENIUS Act into law, delivering the long-sought legal clarity for the stablecoin market. Under GENIUS, issuers can now acquire federal or state licenses to operate as primary issuers of dollar stablecoins, based on their size. To qualify, they must: Maintain full reserves against...
The dominance of the US dollar has been increasingly contested in recent times. Rising US debt levels, coordinated de-dollarization efforts among BRICS economies, and the rise of Central Bank Digital Currencies (CBDC) and cryptocurrencies such as Bitcoin raise questions about dollar hegemony in the digital age. A recent event hosted...
The United States has entered a new chapter in financial regulation with the introduction of the Guiding and Establishing National Innovation for U.S. Stablecoins aka GENIUS Act of 2025. With this, Congress isn't just attempting to contain crypto, it's designing the very conditions under which private digital money may be...
IGP is proud to release “Interconnection and Rivalry in Global Monetary Networks”, a comprehensive analysis of the evolving landscape of monetary competition. At a recent House Financial Services Committee hearing titled “A Golden Age of Digital Assets: Charting a Path Forward,” lawmakers once again emphasized the need for a unified...
In the previous post (#4 of this series), we critiqued the European Central Bank’s arguments against Bitcoin, emphasizing that a simple dismissal of digital currencies is a lazy approach. While healthy skepticism about Bitcoin and other digital assets is warranted, completely dismissing a rapidly evolving technological and financial innovation merely...
In October 2024, Senior Management of the European Central Bank (ECB) Market Infrastructure and Payments division published a hit piece on Bitcoin. The Federal Reserve Bank of Minneapolis followed suit shortly thereafter. The ECB paper provides an overdue perspective on Bitcoin from central bankers. We should take it seriously for...
The year 2023 was a notable one in digital governance. A retrograde tendency by nation-states to pursue “digital sovereignty” peaked in Europe, China and the U.S., leading to numerous governmental barriers and restrictions on data, networks, computing devices and software applications. Meanwhile, breakthroughs in natural language AI applications convinced the...
1 May, 2023 Who’s a VLOP and who’s a VLOSER? Alibaba, Amazon, LinkedIn, YouTube, TikTok, Twitter and Wikipedia are among the entities that have been designated "Very Large Online Platforms'' (VLOPs) by the European Commission. Google search and Bing have been designated Very Large Online Search Engines (VLOSErs). All will...
February 16, 2023 The search landscape is shifting Search platforms are in fierce competition to integrate large language model-based generative AI in an effort to better understand users’ natural language queries, provide more informative search results, and differentiate in other regards (e.g., accuracy, privacy). Most attention has focused on Microsoft...
February 2, 2023 DoJ’s pointless swing at Google adtech On Jan 24, the Justice Department, along with the Attorneys General of eight states, filed a civil antitrust suit against Google for monopolizing multiple digital advertising technology products, including its ad publisher, exchange, and advertiser network platforms. The complaint is the...
Declaring Independence in Cyberspace tells the story of the struggle between governments and the global Internet community over control of the Internet registries (IANA). It offers new insights into a pressing question with profound implications: is state sovereignty the immutable foundation of global governance, or can new technological capabilities change the model?
“This is a book that needed to be written, and no one is better placed to write it than Milton Mueller. This full, rigorous account provides researchers and policymakers with a precious resource on global internet governance.”
