Tether makes $16–19 billion a year with roughly 100 employees — and it will never register in Europe, guaranteed. Meanwhile, the Genius Act in the US is creating a framework where banks and stablecoin issuers may soon compete head-to-head on yield, and Norway’s central bank just shut down all CBDC activity to pivot entirely to stablecoins. This panel of lawyers, regulators, and operators unpacks the legal fault lines reshaping digital money.─────────────────────────────WHAT THIS PANEL COVERS→ Why Tether chose to never comply with MiCA in Europe — refusing to store 60% of backing in European banks — but invested in a Maltese company with a MiCA license to stay in the market indirectly→ How the US Genius Act is setting up a peace treaty between banks and stablecoin issuers, with David Sacks predicting banks will eventually surrender and become stablecoin issuers themselves→ Why Switzerland is positioning itself as a stablecoin hub using a trust model structure — avoiding banking regulation while maintaining FINMA compliance — with a new license expected by 2027→ How stablecoins are already being used by shipping cargo liners in European ports as a replacement for US dollar cash, demonstrating real-world liquidity that regulators cannot ignore→ Why Norway’s central bank shut down all CBDC activity before Christmas and will host a full-day session on stablecoins in April, signaling the privatization of digital money─────────────────────────────PANELISTS🎙 Alex — Forbes Contributor & Founder, Coins.Telegram (Moderator)🎙 Florian Ducument — Tech Lawyer, Switzerland (Token & Stablecoin Structuring)🎙 Magnus Jones — Nordic Blockchain Association; Former Nordic Blockchain & Innovation Lead, EY🎙 Daniel Payne — Partner, Cole-Frieman & Mallon LLP (Crypto & Securities Attorney)🎙 Aaron Sanchez — Director of Industry Engagement, MiCA Crypto Alliance🎙 Alena — Founder, Swiss Licensed Crypto Exchange & Escrow; AMLO Officer─────────────────────────────unDavos is a community-driven summit running during WEF week in Davos, democratizing the conversation around global challenges.🌐 undavos.com─────────────────────────────Tags: stablecoins, Tether, USDT, MiCA regulation, Genius Act, CBDC, digital money, crypto regulation, Switzerland crypto, DeFi, law enforcement, stablecoin yield, David Sacks, Norway CBDC, blockchain regulation, crypto compliance, digital economy, banking, tokenized money, unDavos, Davos 2026, WEF—TRANSCRIPTWe are going to discuss stablecoins and law enforcement today. My name is Alex. I'm Forbes contributor. We also have a media named Coins.Telegram, first media about TON and Telegram ecosystem. And I'm also documentary film producer. We made film with Vitalik, with CZ, Justin Sun, like many top crypto people participated. And guys, let's introduce ourselves. So start, please, Florian. Thank you very much. I'm Florian Ducoment. Very glad to be here. Thanks for the invitation. So I'm a tech lawyer. I've been advising tech companies for more than 15 years now. I'm since 2017 advising foundations, exchanges, DEXs, every type of protocol in the industry in Switzerland and abroad. So I'm a Swiss lawyer, but with a background in IP and structuring project for regulatory reasons, right? So I structured a lot of tokens, a lot of stablecoins, and happy to be here. Interesting background. Thank you. Hi, my name is Magnus Jones. I am representing Nordic Blockchain Association here, but I also used to be the Nordic Blockchain and Innovation Leader at EY, Ernst & Young, so started their blockchain department back in 2015, working as a consultant by myself, but also doing a startup on digital identity called ComplyOnce, together with my co-founder Riders R here. And I'm working very broad when it comes to digital assets, everything from DeFi, DAO Foundation, to startups, to governments on the other side. I'm also part of the Metaverse Expert Group of Interpol, the Counterterrorism Group of Crypto for the United Nations