In 2025, the United States passed the GENIUS Act, establishing the first comprehensive federal framework for payment stablecoins. The Act marked a turning point in the treatment of stablecoins—from regulatory gray areas to recognized financial infrastructure.
Developed in collaboration with the Scotiabank Digital Banking Lab, this infographic traces the policy and market path that led to this outcome, from Facebook’s Libra announcement in 2019 through a series of market stress events, legislative proposals, and regulatory debates. It shows how repeated shocks—including Terra, FTX, and banking-sector stress—gradually reshaped the policy conversation and culminated in the GENIUS Act.
Download the infographic to explore the full timeline of market events and legislative developments that shaped U.S. stablecoin regulation.
Infographic detailed citation list
Citation: Kokkirala, S., and Gandhi, C. (2026). From Libra to Law: Market Shocks, Policy Debate, And the GENIUS Act (R. Mostafa & Z. Agoston, Eds). Lawrence National Centre Infographic Series 26011: Ivey Business School, Canada.
Generous support from the Power Corporation of Canada, Jack Lawrence Family and the Mitchell and Kathryn Baran Family Foundation, and funding by Scotiabank Digital Banking Lab is gratefully acknowledged.