The Dollar Stack: GENIUS, CLARITY, and Europe's Unpriced Exposure

Working paper documenting the coordinated regulatory architecture of the GENIUS Act (P.L. 119-27, July 2025) and the Digital Asset Market Clarity Act (Senate Banking Committee markup cleared May 14, 2026, vote 15-9). The paper maps the European exposure gap — MiCA contains no mechanism to contest U.S. extraterritorial freeze orders affecting non-EU stablecoin issuers — and models three scenarios under varying EU macroeconomic conditions. Methodology: FACT/INFERENCE protocol, speculation excluded. All primary sources publicly accessible.