Tech

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.

The Australian government has appointed Andrew Charlton as the new Assistant Minister for Technology to promote cryptocurrency regulation

ChainCatcher news, according to Decrypt, the Australian government has appointed Andrew Charlton as the Assistant Minister for Technology and the Digital Economy, while also serving as Cabinet Secretary, to advance the regulation of digital assets and the modernization of the tech industry. Prime Minister Anthony Albanese stated that Charlton's economic qualifications and international experience make him fully capable of this dual role. This appointment comes as the Australian government strengthens the regulation of digital assets.According to the new regulations, major crypto platforms must obtain an Australian financial services license, while small businesses and non-financial service providers may be exempt. The reform plan aims to align with international standards such as the EU's MiCA and Singapore's Payment Services Act. Caroline Bowle, CEO of BTC Markets, believes that this appointment reflects the government's emphasis on the development of the digital economy. As a former cybersecurity envoy, Charlton was involved in the development of the licensing system for crypto platforms. Additionally, the government is consulting on the issue of "de-banking" by banks and plans to introduce relevant legislative proposals within the year. The Australian Securities and Investments Commission will also update its guidelines on digital assets.
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