#BigTechStablecoin Big tech companies entering the stablecoin market has raised concerns among lawmakers and regulators. The GENIUS Act, a stablecoin legislation, has gained bipartisan support and is expected to be submitted for the President's signature soon. One of the key debates surrounding BigTech stablecoins is whether they should be required to obtain a banking license, given their potential impact on the financial system.

*Key Concerns:*

- *Data Privacy*: Regulators worry about BigTech firms leveraging consumer data for their own gain, potentially cornering markets.

- *Financial Stability*: Allowing BigTech companies to "print their own money" could pose risks to the financial system.

- *Regulatory Framework*: There's ongoing debate about whether stablecoin issuers, including BigTech firms, should be subject to banking regulations.

*Global Regulatory Developments:*

- *US*: The GENIUS Act aims to establish a regulatory framework for stablecoins, addressing concerns around BigTech firms.

- *Hong Kong*: The Legislative Council has passed a Stablecoin Bill, allowing the issuance of HKD-backed stablecoins.

- *UK*: The government is finalizing its statutory instrument, while the FCA is consulting