WSJ reported today that Amazon and Walmart were “exploring issuing their own stablecoins”

this story is extremely misleading because it omits the *crucial* fact that the GENIUS Act explicitly prohibits non-financial pubcos from issuing!

see §4(a)(12), which sets an extremely high bar for such a non-financial company to meet to gain an exemption — such a high bar to as likely be impossible. (see highlight in second image). they could certainly *use* stables, but very most likely impossible for them to issue

feels like WSJ should have mentioned that, especially since the story impacted markets a fair amount today 🤔