The upcoming U.S. criminal trial of Do Kwon, founder of Terraform Labs, could be significantly impacted by the proposed "Genius Law." Judge Paul Engelmayer of the Southern District Court of New York acknowledged the potential influence of this bill during a pre-trial hearing. The "Genius Law" aims to regulate stablecoins, including algorithmic stablecoins like TerraUSD (UST), by mandating licensing, 100% reserve requirements, annual audits for large issuers (over $50 billion market cap), and oversight of overseas issuers. Its specific definitions and standards for algorithmic stablecoins could directly affect the assessment of Kwon's alleged securities fraud. Kwon, currently detained without bail after his arrest in Montenegro for passport forgery, faces nine felony charges, including securities fraud, market manipulation, and money laundering. His trial is scheduled for January 2026. The "Genius Law's" evolution and eventual implementation will be closely watched, as it could reshape the landscape of stablecoin regulation and impact the outcome of Kwon's legal battle. ```