Proposed GENIUS Act Targets Stablecoin Regulation and Big Tech

Overview:

A draft of the GENIUS Act—aimed at tightening regulations around stablecoin issuance and the role of tech giants—has surfaced, signaling a major potential shift in U.S. crypto policy.

Key Provisions:

1. Ban on Misleading Claims

Stablecoin issuers would be prohibited from implying FDIC insurance or using terms suggesting U.S. government affiliation.

2. Tech Giants Barred from Issuance

Non-financial companies such as Meta and Google would be restricted from issuing stablecoins, reinforcing the separation of banking and commerce.

3. Stronger Oversight & Ethics Rules

Expanded enforcement authority to penalize violations.

Broader ethical scrutiny over special government employees—explicitly citing Elon Musk.

Why It Matters:

This act could reshape stablecoin policy in the U.S., reducing the influence of tech conglomerates and increasing consumer protection and regulatory clarity in the digital asset ecosystem.

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