EddieJayonCrypto
16 May 25
The US Senate is set to vote on a revised GENIUS Act stablecoin bill, updated to address Democratic concerns about anti-money laundering, foreign issuer oversight, and enforcement. Key amendments strengthen financial integrity, consumer protection, and limit Big Tech and foreign companies from issui...
The US Senate is poised to vote on a revised GENIUS Act stablecoin bill that introduces stricter regulations to enhance financial integrity and consumer protection. The updated bill bars Big Tech companies like Meta, Google, Amazon, and Microsoft from issuing stablecoins unless they comply with stringent conditions involving risk management, data privacy, and fair business conduct. This move aims to preserve the separation between banking and commerce, curbing the financial ambitions of large technology firms entering the digital currency space. Key amendments also strengthen anti-money laundering measures, tighten oversight of foreign stablecoin issuers, and clarify that stablecoins lack federal insurance protections to avoid consumer confusion. The revision follows Democratic concerns about enforcement gaps and security risks, reflecting a push to create a balanced regulatory framework. Crypto advocacy groups, including Stand With Crypto and The Blockchain Association, along with Coinbase CEO Brian Armstrong, are actively supporting the bill to secure clearer, bipartisan rules for stablecoins in the US. Armstrong emphasizes the demand for regulatory clarity among the 52 million Americans using crypto, highlighting the bill’s significance in shaping the future of digital assets.