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The GENIUS Act amendment prohibits non-financial listed companies from issuing stablecoins and restricts the financial expansion of large technology companies

ChainCatcher news, according to crypto journalist Eleanor Terrett, 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 FDIC insurance or backing by 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 tech giants, explicitly prohibiting non-financial public 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, aiming to separate banking from the monopolistic tendencies of Silicon Valley tech firms.The amendment also strengthens enforcement mechanisms, allowing the Treasury to suspend the registration of issuers in cases of reckless or willful violations, and expands the ethical standards applicable to special government employees (including Elon Musk) to ensure 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.
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