According to Deep Tide TechFlow news on May 15, based on page 2 of the GENIUS Act draft disclosed by Eleanor Terrett, multiple key changes have been introduced to strengthen financial regulation. The amendment explicitly prohibits stablecoin issuers from falsely claiming FDIC insurance coverage or backing by the U.S. government, and it forbids the use of terms like 'America' or 'U.S. government' in stablecoin names to avoid consumer confusion.
Most importantly, the restrictions on tech giants, the amendment explicitly prohibits non-financial listed companies such as Meta, Amazon, Google, and Microsoft from issuing stablecoins unless they meet strict standards for financial risk, consumer data privacy, and fair business practices, aimed at maintaining the separation of banking and commerce.
The amendment also strengthens enforcement mechanisms, allowing the Treasury to suspend the registration of issuers in cases of 'reckless or intentional violations' and expands the ethical standards applicable to special government employees (including Elon Musk), ensuring consistent application of financial conflict of interest standards.