GENIUS Act section 17: the Securities Act, Exchange Act, Investment Company Act and Investment Advisers Act definitions of security exclude a payment stablecoin issued by a permitted payment stablecoin issuer, and permitted issuers are not investment companies; the Commodity Exchange Act is amended likewise, so such coins sit outside SEC and CFTC product jurisdiction while stablecoins of non-permitted issuers are assessed on their facts.
The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.