Jesse McWaters
DIGITAL ASSETS
Jesse McWaters
Head of Global Government Affairs Mastercard
THE GENIUS ACT BUILDS ON GLOBAL MOMENTUM. THE EU’ S MARKETS IN CRYPTO- ASSETS( MICA) FRAMEWORK, NOW IN EFFECT, HAS SET A PRECEDENT FOR COMPREHENSIVE OVERSIGHT
Jesse McWaters
Jesse McWaters, Head of Global Government Affairs, gives their take on what’ s to come after the US House passed the GENIUS Act.
“ Stablecoins are at a turning point. The passage of the GENIUS Act by the U. S. Congress signals a new era of regulatory clarity and confidence in digital assets.
“ This builds on global momentum. The EU’ s Markets in Crypto-Assets( MiCA) framework, now in effect, has set a precedent for comprehensive oversight. Similar frameworks in Hong Kong, Singapore and the United Arab Emirates have also introduced rules that prioritise the safe and secure operation of these assets.
“ Together, these developments are laying the groundwork for a more cohesive environment – one that fosters innovation while reinforcing trust. We welcome this progress. As with past waves of financial innovation, we support strong, clear regulation that enables responsible growth, propels choice and unlocks real-world benefits. Stablecoins are already proving their value in the real world. They’ re enabling faster, lower-cost cross-border B2B payments. They’ re simplifying peer-to-peer remittances. And they’ re creating new ways for content creators and gig workers to get paid on their terms.
“ But to move from niche to mainstream, stablecoins need more than speed and programmability. They need to be embedded in systems that people trust – systems that protect users, resolve disputes and work seamlessly across borders and platforms.”
170 September 2025