CoinVoice has recently learned from crypto journalist Eleanor Terrett that the latest bipartisan amendment draft of the GENIUS Act received by the U.S. Senate strengthens key regulatory measures, explicitly prohibiting stablecoin issuers from falsely claiming to be insured by the FDIC or backed by the credit of 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 amendment includes restrictions on technology giants, clearly prohibiting non-financial publicly 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. This aligns with Trump’s 'America First' vision, aimed at separating the banking industry from the monopolistic tendencies of Silicon Valley tech firms.
The amendment also strengthens enforcement mechanisms, allowing the Treasury to suspend the registration of issuers when reckless or willful violations occur, and expands the ethical standards coverage for special government employees (including Elon Musk), ensuring the 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. [Original link]