BlockBeats news, on May 15, according to cryptocurrency journalist Eleanor Terrett, the latest bipartisan amendment draft of the GENIUS bill received by the U.S. Senate strengthens key regulatory measures, explicitly prohibiting stablecoin issuers from falsely claiming FDIC insurance or backing by the U.S. government, and banning 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 publicly traded companies like Meta, Amazon, Google, and Microsoft from issuing stablecoins unless they meet strict standards for financial risk, consumer data privacy, and fair business practices. This aligns with Trump's 'America First' vision, aimed at separating banking from the monopolistic tendencies of Silicon Valley tech firms.
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 scope of ethical standards for special government employees (including Elon Musk), ensuring consistent application of financial conflict of interest standards. In short, these adjustments limit the financial expansion of large tech companies but add more cumbersome procedures. True reform requires market forces rather than bureaucracy to eliminate vulnerable participants.