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Nonprofit Organizations and Digital Assets, Beginning with Stablecoins

In July of 2025, the U.S. Congress enacted a law titled: “Guiding and Establishing National Innovation for U.S. Stablecoins Act” (commonly referred to as “the GENIUS Act”). This law would permit the issuance of a form of digital asset known as a “payment stablecoin” that would be used only for purposes of payment or settlement and not investment. Among various entities, payment stablecoins maybe issued by depository institutions but are not federally insured. Rather, they are supported by the requirement that every payment stablecoin issuer maintain a reserve fund of equal value to its outstanding payment stablecoins in U.S. dollars or items of a similar form.

In the course of implementing the GENIUS Act, the U.S. Department of the Treasury requested comments from the general public with respect to future regulation. The memorandum below was submitted in response.

From: Lori G. Nuckolls, Public Policy Researcher and Writer, Philosophy, Law and Politics (lorigaylenuckolls.blog)

To: U.S. Department of the Treasury, Attention: Office of the General Counsel, 1500 Pennsylvania Avenue NW, Washington, DC 20220, Via Electronic Submission: https://www.regulations.gov

Re: GENIUS Act Implementation Comments, TREAS-DO-2025-0037, 90 Fed. Reg. 45159-45163 (Sept. 19, 2025), 90 Fed. Reg. 47251 (Oct. 1, 2025) (Submission date extension)

Date: November 1, 2025

I. Introduction

The GENIUS Act, 12 U.S.C. §§ 5901-5916 (2025), was enacted with the legislative purpose of providing legal guidance and regulation in the use of stablecoins as a digital asset. A statutorily created “payment stablecoin,” denominated in U.S. Dollars, would be issued by legally approved entities and would allow entrance into the digital marketplace in a safe and sound manner. 90 Fed. Reg. 45159 (Sept. 19, 2025). In regulating the issuance of payment stablecoins by subsidiaries of depository institutions, specifically nonprofit depository institutions such as credit unions, the U.S. Department of the Treasury should consider regulations that support and permit as well require the nonprofit organizations to honor their asserted charitable mission and purpose. With respect to the credit union, this would be pursuance of its historical mission and purpose of enabling its governing members to obtain access to historically unavailable financial services, develop financial literacy, and transition into a competitive socio-economic environment premised upon self-government and self-sustainability. Credit unions which have already successfully entered the heretofore unregulated digital asset marketplace offer extensive and direct training to leaders, staff, and members to avoid financial loss. Participation of credit unions, large and small, in a well-regulated digital asset marketplace would facilitate the long-sought self-government and financial growth of members.

The Department of the Treasury should consider that nonprofit financial institutions bear a higher ethical standard than do for-profit entities. Their existence depends upon their reputation within the communities they serve and the absence of their engaging in intense competition with their peers. Credit unions rely upon the trust they engender in society, not to mention donors, volunteers and members. In governing the payment stablecoin activities of all nonprofits, including credit unions, regulators should premise requirements upon the principle that the trust engendered by the conduct of the nonprofit organization is based upon not only the appearance of propriety but also upon the absence of even the appearance of impropriety.

As a consequence, regulation could guide nonprofit organizations in achieving balance between engaging in authorized emerging digital assets and guaranteeing the financial stability of the communities served. Whereas, unleashing digital assets in a scarcely regulated environment to enable the efficiency, directness and globalization emerging digital technologies provide, would be an example of dialectical creative destruction. And, this achievement of positive development while permitting a threshold level of hardship is to be mitigated in the regulatory process. Specifically, in the historically financially fragile communities of the credit union, little is achieved by regulation allowing entrance into the digital asset marketplace if the burden of greater risk is endured by the financial communities most in need. Thus, questions arise as to how regulation of the nonprofit organization is to be structured in theory and practice.

II. Credit Union Subsidiary Issuers of Payment Stablecoins: a Theory of Regulation to Avoid the Creative Destruction Dialectic

The GENIUS Act currently provides that all issuers of payment stablecoins, state and federal, are required to meet federal standards. 12 U.S.C. § 5903(c) (2025). In regulating nonprofit organizations and, guiding regulation by the National Credit Union Administration of credit unions and the distinct communities they serve, perhaps the Department of the Treasury could consider the theoretical doctrine of the “veil of ignorance” established by American philosopher John Rawls. In the veil of ignorance, Rawls suggests that society place itself in the “original position” in which each individual in society envisions oneself to not know one’s specific place in society. (Rawls, A Theory of Justice (1971)).

In this case, the principles of the veil of ignorance guide governing leaders and citizens in reaching agreement as to public policy, law and regulation. Choices in law would be determined by a general understanding as to what being a citizen should mean. Commonality of thought would arise from leaders and the public alike perceiving themselves guided by the veil of ignorance under which they reach decisions and enact laws without consideration of their own personal circumstance and condition. Rather, each person deems their position to be that of those most vulnerable and in need. And, in turn, they seek a legal structure most capable of providing a just and fair society.

Specifically, the Department of the Treasury would identify with credit union staff and members most benefiting from the financial services and training provided and least familiar with emerging digital asset technologies. Safe harbor regulations for credit unions and other nonprofit organizations would guide the ambitious and encourage the wary ones unfamiliar with the digital asset marketplace. For, both are truly outnumbered by for-profit entities. In doing so, credit union regulation, in particular, would allow financial growth through the creative use of digital assets while maintaining a safety net for the credit union governed by members most in need of financial literacy and growth.

The GENIUS Act and its framework for the issuance of payment stablecoins as a creature of statute is a blank slate. It enables the beginning of a new economy premised upon regulation in the John Rawls original position, derived from the veil of ignorance. For example, both regulators and credit unions, including their issuer subsidiaries, would envision themselves in the position of a credit union with truly dependent members situated in a community of similar prospective members increasing in number. To continue in existence, this credit union and its members must be knowledgeable of market development, namely the advent of digital assets. In this position, Treasury would govern with reference to legal standards that would enable an understanding of rights, powers, and privileges, as well as the risks they engender. From this new beginning, credit unions would be able to implement risk assessment policies allowing the balancing of legally authorized conduct against the forbearance of some legally permitted activity in order to maintain trust and goodwill within the community. For, credit unions might not need to be as ambitious and as competitive as the GENIUS Act possibly allows.

III. Conclusion

With the GENIUS Act as a beginning, Congress and the administrative agencies may readily provide financial regulation of all nonprofit organizations as they enter every aspect of the digital asset marketplace. In guiding this transition, the law should promote new strategies of growth and risk management as to digital assets as it has historically with respect to more traditional financial markets.

Is There A Panacea For The Masses?

World history contains reference to the many forms of communication shared. The lyre player, knight, storyteller, dramatic troupe, athletic league, not to mention pamphleteer and more. All impart a unique view of current events. The number and diversity in these forms ensure that there is access to information.

The question arises: how should these various forms of communication be governed? We ask what is the proper purpose of the regulation? And, how extensive should this regulation be?

The extent of regulation should depend upon the purpose of the information. Is it intended as a panacea, a manipulation. Or, does it reflect the obligation of certain nongovernmental institutions to provide sufficient information for the public to maintain its representative democracy.

To review and decide upon rules governing our information, both leaders and the public must define the concept of manipulative panacea. Is the purpose of the information moral, legal and rational? All regulations should place a duty to safeguard the public from communication that improperly influences and deludes more than informs.

Improper influence and delusion is often imperceptible. Thus upon whom is the burden to decide whether something constitutes honest information, regardless of whether in the form of musical performance, drama, athletics, printed material or other forms of communication?

In the thinking of some we do not begin as we become. We are formed and develop as we learn, absorb and reflect. This we do individually and collectively as we communicate. Perhaps purpose and intent and not content should govern our expressions of community.

Lori Gayle Nuckolls

We Must Each Participate In Change

America is a republican form of government created by its citizenry. It relies upon an educated society. This democracy must ensure an adequate education to all citizens. Today we are in difficult times. We seek to both educate the public and provide well administered government. Education requires talent and resources. A population the size of that of the United States requires much to create and maintain an educated people.

Over the years, many have said that America’s government is too large, its agencies too numerous. The nation’s federal agencies were primarily created during a time of hardship and need, arising during the era of the Great Depression. They have been the subject of reform since creation. Can society envision the manner in which future reforms should be structured? Does each of us individually have a sense of our place and responsibilities in the revision of our government?

We all have an obligation to seek an education and share in that pursuit. Our nation requires it. We require it individually. Government cannot be reformed without it.

Lori Gayle Nuckolls

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When Was There Last Enforcement Of The American Identity?

Why is there a declining sense of community in America? Less active participation in one’s neighborhood, religious organization and charities is occurring. Could this be a result of an increasing awareness of the current American social identity and our failing to achieve or actualize our identity as described by the literal wording in our time honored governing documents: the Declaration of Independence, U.S. Constitution, enforcing statutes and interpreting judicial opinions. Many blame the atomization of society upon social media and Artificial Intelligence. But, perhaps, popular resort to an obsession with the arts of new technology is a remedy of this absence of human connectedness and not the cause.

There are some attributes of personhood in America that require public discussion and enforcement by the law. For, without enforcement, trust in American society and government ceases to exist. Many of these laws in want of enforcement involve social conduct and behavior that are prerequisite to the rights and liberties of American law. This is not a reference to the future recognition of new rights and liberties, though there probably will be some new ones overtime, but, instead, a focus upon the long ago designated crimes that undermine democratic American society: incest, truancy and illegal immigration.

Enforcement is necessary because American democracy is premised upon the sanctity of the individual as each person obtains learning and an understanding sufficient to engage in self-determination and self-government. Incest is prohibited owing to the scientific rationale that children produced from such relationships often suffer from genetic impairment and the social rationale that the relationships often result from abuse and exploitation creating a sense of shame and inferiority.

School attendance is a fundamental requirement for citizens to be able to function and participate as active members of the voting public. This includes an adequate skill level in an arts and sciences curriculum, with vocational training available. And, as a nation of immigrants, America demands the absence of the abuse and exploitation of those seeking liberty from oppression in other lands. Without a path to legal residency they lead a life of illegal employment, want of civic involvement and nonexistence of social integration.

There are newly recognized civil rights and liberties in the modern era: integrated schooling (1954), contraception (1965), integrated relationships (1967) abortion (1973) and same-sex marriage (2015). However, the theories and rationales underlying prohibitions against incest, truancy and illegal immigration support the emergence of the person upon which the foregoing more recently acknowledged rights and liberties exist as an expression. Without the attributes resulting from the absence of incest, truancy and illegal immigration, one may not partake in fair schools, private relationships and self-governance.

We must look to the very foundation of America, below our officials in all aspects of government to the concept of the Rawlsian “original position” in which each one of us imagines that we do not know our place in society. From this position, we conceive of what our world should be. We must begin again to establish our society and government from its description in our essential documents. Enforcement is necessary according to modern terms for a modern era. And, individual existence in such a society requires a viable economic structure of single income livelihoods and feasible higher education tuition. For, even the cost of a public college or university education is beyond the ability of most parental incomes as well as the incomes of most graduates who rely upon student loan financing.

Ongoing progress and development has and will improve law enforcement as it has given rise to the emergence of new rights and privileges, such as scientific advancements in contraception, abortion and in vitro fertilization, which have resulted in newfound debates over the meaning of life. Similarly, incest prohibitions may be reformed with scientific developments in the field of genetics.

Currently, we must ask both government and ourselves as members of the public to look to the connection between our pervasive social ills and the absence of the enforcement of century old legal restrictions. Eliminating duplicity and inefficiency will only make our true society and government more visible and render more feasible achievement of the American dream.

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Is There A Universal Morality?

In our world, we individually experience rites of passage and achieve a meeting of the minds, a collective understanding that a development has taken place. Our understanding is based on knowledge of facts and ideas acquired from both mental and sensory views of life. Even according to the 1901 publication of a noteworthy, yet controversial, Continental Philosopher:

To the extent to which knowledge has any sense at all, the world is knowable: but it may be interpreted differently, it has not one sense behind it, but hundreds of senses…

Consequently, we should defer to our collective appreciation of reality and the law that governs our existence.

We may disagree, one with another, about the law and our governing leaders. If so, we must look to the role in politics and society that law and government permit us. To change law and or society, we may only participate in the specific manner we are allowed. Participation begins with the act of daily self-governance. In doing so, we will together understand and change our lives and world.

In America, we made certain promises at its founding which we are achieving gradually through many transitions in society and government. Ultimately, we seek to create a country of equal opportunity in a popular melting pot of free choice. Ideally, our schools, churches, clubs and places of employment will permit unfettered access and participation in a meritocratically ruled government and society.

In thinking of the recent transition in the American Presidency, we should evaluate governing leaders and the policies they propose by the same standards with which we govern ourselves. In no way may we hold them accountable to standards higher than our own.

Lori Gayle Nuckolls

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Union or Disunion: Is America Devolving into a Land of Divided Fiefdoms?

The law develops overtime. The experiences of a country result in new technology and customs. Incrementally, individuals form personal opinions guiding the way they live. In America, laws are agreed upon as individuals communicate their opinions to their elected officials. The judicial system serves as government by redress when individuals disagree about the meaning of the law.

How do personal opinions and the laws to which they give rise lessen in their ability to facilitate technology and cultural experiences? We should determine whether opinions and proposed laws are evolving or devolving, going forward or backward. Do we measure advances in technology and custom objectively against earlier expressions of science and social interactions?

American expressions, like the Declaration of Independence and the U.S. Constitution, are evaluated against the extent to which the law recognizes the inherent freedom of the individual. Human rights exist, fundamentally, under a federal system led by a central, national government of definitions that apply equally. Basic rights are not divvied up as decided among and between the states and territories. Achievements and advances only possess value if uniformly maintained for all. The goal of a representative democracy is peace and harmony for its public, not a devolution into acrimony and argument over the definition of essential rights and freedoms.

The law is a circular, yet didactic form. It instructs those it is made by. It creates a nation as it is created. And, an overarching abstraction then becomes the law for all. Regardless of your opinion on any matter, the naturalized American John Hector St. John de Crevecoeur provided a profound view in the idea that: from soil, values grow.

Lori Gayle Nuckolls

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Utopia?

Will any society ever achieve perfection or an ideal structure of government? Many philosophers and political thinkers have offered utopian theories. How do we define a democratic utopia in the modern era, and how would it be expressed in practical politics, namely, in individual participation through self-government and self-expression?

Is it necessary for political candidates and elected officials to possess individual theories and understandings of what constitutes an ideal government and an ideal society? Citizens and governing officials look at democratic society from the “grassroots up” to the world above. Yet, perhaps we should also share in the belief that society and government be viewed from the top down, and that each of us should possess an individual understanding and opinion as to the manner in which we think society and government should be structured. Our choice of candidates would then be based upon whether their view of the world is close to our own.

Regardless of the place of one’s political opinion on the ideological spectrum, from radical to conservative, our individual participation in an election might be determined by our sense of what our society should be. For each of us, perhaps, utopia is our view of the ideal world.

Lori Gayle Nuckolls

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Must Women of Color Endure Destruction to Succeed?

In the philosophy of G.W.F. Hegel, society develops and history unfolds in a difficult and inconsistent manner. Specifically: an event occurs; the event encounters a negative reaction; and in the end progress results from the combination of the two. This is termed the Hegelian dialectic. We ask with respect to the world history of women of color whether and why their gradual social progress has endured such a step forward, step backward process to development?

Access to training and education in all occupations and professions is necessary to permit women of color to support themselves and their families. This training and education has become more available historically yet not without hardships such as inadequate preparation, inadequate funding and inadequate networking post-graduation. The negative reaction to the positive step of access to training and education is cyclical. Without adequate education, participation in society and government is not possible to an extent that equality may be pursued legally, socially and economically. Any subsequent advancement through legal reform is minor in comparison to that accorded the pyramidal strata above women of color who inhabit the bottom stratum, socioeconomically and emotionally.

In America, it has been legally affirmed that racially segregated institutions are improper. They instill a cultural distance, an inability to participate and a sense of inferiority. Yet, social segregation remains in schools, the workplace and social organizations. In religious organizations and social clubs, more appear segregated than not, ostensibly voluntarily. The stigma of racial segregation is upon women of color most of all.

Worldwide, overtime, reforms in laws, customs, and social institutions have occurred and as a result socioeconomic strata blend, academic achievement improves and women of color have achieved a greater sense of participation in society. However, with these positive developments, in the thought of Hegel, negative reactions occur before the positive are again experienced.

True reform should be unilateral with no reverses. Solutions abound as to how the Hegelian negative reaction may be avoided. For instance, America should look beyond the disparateness of its two political parties, a duopoly of two political parties which together dominate elected offices. It is the fact that women of color are elected to government offices more than in the past. And, this is a beginning.

However, in the social sphere segregation remains and the two major American political parties have not addressed this dilemma. For example, the topic of the American Black church is longstanding. Churches should become racially integrated. Integration in religion is a subject the two political parties should discuss as one of cultural and social importance. Party members should express their belief in the significance of integration in religious organizations by both welcoming those of another race into their church and by expressing interest in churches with congregations of another race. Members of integrated churches should be recruited to run for office.

Individually, worldwide, we should expand our own frontiers and explore religious organizations of races other than our own. Religious entities of one race my merge with one of another. In the words of Hegel: “Reason governs the world” through “religious truth” well- known to us. Religion through reason can guide us in social development without corresponding hardship.

Humanity relies upon religious entities and various additional nongovernmental organizations to remedy injustice and lead in suggesting reforms. Many religions guide society in improving its customs, laws and morality. On the subject of the lives of women of color, religion should provide support for social advances and improvements and assist to mitigate Hegelian reverses. For none of us should life be akin to the rise of Jim Crow in response to newfound freedom.

Lori Gayle Nuckolls

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Does Catholicism Support Fascism in America?

As a representative democracy, the United States relies upon a sovereign citizenry of self-governing individuals who place government and country first and foremost. Before the world is debate on the subject of how society and government should be structured. Should religious thought be a source of law and government? Should education be free and fairly available? How should labor be organized and employed and what should be its source: a bountiful citizenry and a boundless immigration?

At this the time of the celebration of America’s Declaration of Independence, the Fourth of July, one looks to the origin of the government in the Protestant religion. Yet, from its beginning the nation prided itself upon the legal right of all to practice the religion of choice upon its soil. However, the question arises of whether America depends upon the tenets of the Protestant faith, one of which is the belief in self-governing congregations.

Catholicism in America is of a longstanding tradition. Its practitioners have faced discrimination and hardship. They defer to a worldwide authority. Does the Catholic faith contradict the democratic principles of a representative government, an individual’s right to self-govern and the existence of a unilaterally sovereign populace? Is it proper for working Americans to be anesthetized by a worldwide church that stands in contradiction to individual nations? Should all individuals live under a government similar to America’s, one that provides both democracy and a safe and sound work environment with an opportunity to practice a faith of choice?

Forcing a public to look to religion instead of to law for employment security is to deny law to all. In the guise of religion, some Americans defer to the Vatican as a means of surviving under the American government. For some, the American government becomes like a fascist society where the leader of their faith is their sole authority. They are then living under a combination of religious principles, American law enforcement and a central worldwide authority. This is the beginning of fascism in America.

In solving this dilemma, Americans might individually look to their government, from top to bottom and bottom to top. Ensure that America abides the rule of law and that laws are duly reformed and enforced. Fairness and justice in America permit a capitalist society of honest competition and safety and soundness. Free and adequate education from private and public funding of tuition rather than from student debt is possible. The United States was founded upon the principle and theory of a natural aristocracy. Let’s found one.

Lori Gayle Nuckolls

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Science and the Right to Abortion

Judicial review in the United States serves a fundamental purpose in American government, it permits the courts to ensure that the acts of the other two branches of government, the legislative and executive, abide the Constitution. In doing so it enables the sovereign citizenry to create a legitimate representative government. As American society develops it changes its views of the nation and the world and, as a result, the laws by which it lives. Over time, the views of its judges as seen in their legal opinions also change.

One must remark that political opinions in the United States have been modified extensively to the extent that the public has completely changed its mind on many important life defining issues. As a result, certain laws and legal opinions contradict preexisting ones. For example, the legality of racial segregation became the right to racial, integration. The illegality of contraception became the right to birth control. The illegality of racial miscegenation became the right to interracial marriage. The illegality of abortion became a legal right to private abortion. The illegality of sodomy became the right to homosexual relationships. The illegality of homosexual marriage became the right to same-sex marriage.These changes in American law occur concurrently with noteworthy developments in social customs, science and technology that render the population able to envision present society in a new manner. Some regard these legal developments as not occurring with sufficiency to be adequate or just.

With respect to the legal recognition of a right to abortion by the judiciary in 1973, many social and scientific developments have taken place prompting judicial restrictions upon this right in 2022. In example, in vitro fertilization is a very common practice. As a result, issues before society are when a right to life begins and whether one’s power to create this life is accompanied by a power to destroy it. Contemporary opinions also include those arising from whether there is a governmental power of capital punishment or a private right to assisted suicide for the terminally ill.

American society must address the legal question of what constitutes life and what are its attributes. Could the concept of in vitro fertilization include a right to property? In discussing abortion, America must reconcile its power to begin and end life with newfound scientific developments.

Lori Gayle Nuckolls