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U.S. Senate GENIUS Act Amendment Restricts Tech Giants from Issuing Stablecoins
According to ChainCatcher, the latest amendment to the GENIUS Act in the U.S. Senate strengthens regulation, prohibiting stablecoin issuers from falsely claiming FDIC insurance or endorsement by the U.S. government, avoiding consumer confusion.
The amendment restricts non-financial companies like Meta, Amazon, Google, and Microsoft from issuing stablecoins unless they meet strict standards, aligning with Trump's 'America First' vision, separating banking from technology company monopolies.
The amendment strengthens law enforcement mechanisms, allowing the Treasury Department to suspend the registration qualifications of violating issuers, expands the coverage of ethical standards for special government employees, and ensures consistent application of financial conflict of interest standards.
The amendment restricts non-financial companies like Meta, Amazon, Google, and Microsoft from issuing stablecoins unless they meet strict standards, aligning with Trump's 'America First' vision, separating banking from technology company monopolies.
The amendment strengthens law enforcement mechanisms, allowing the Treasury Department to suspend the registration qualifications of violating issuers, expands the coverage of ethical standards for special government employees, and ensures consistent application of financial conflict of interest standards.
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