Key Takeaways
- Senate to vote on revised GENIUS Act next week.
- Big Tech companies are barred from issuing stablecoins under new provisions.
- Bill addresses gaps in money laundering enforcement and consumer protections.
The U.S. Senate is expected to vote next week on the revised GENIUS Act, a stablecoin-focused bill reintroduced after key amendments addressed Democratic concerns over anti-money laundering and regulatory oversight.
Key amendments and provisions
The bill had previously stalled due to objections over gaps in enforcement, foreign issuer scrutiny, and consumer protections.
In response, lawmakers introduced significant changes, particularly restricting the role of non-financial corporations in issuing digital tokens.
Restrictions on Big Tech
One of the most notable provisions bars publicly traded, non-financial companies—such as Meta, Google, Amazon, and Microsoft—from issuing stablecoins unless they comply with strict rules on risk management, data privacy, and fair business practices.
Former FOX Business journalist Eleanor Terrett said the amendment was designed to…
… maintain the separation between banking and commerce.
Consumer protection and national security
The bill also clarifies that stablecoins are not insured by federal protections, aiming to prevent consumer confusion and mitigate fraud risks.
These adjustments reinforce national security protections and seek to limit the influence of foreign entities and tech giants in the digital asset sector.
Advocacy and industry response
In anticipation of the upcoming vote, crypto advocacy groups like Stand With Crypto and The Blockchain Association are campaigning for the bill’s passage.
Coinbase CEO Brian Armstrong urged lawmakers…
… to create clear rules for crypto in America.
Significance of the vote
The vote marks a critical moment for establishing a bipartisan legal framework for stablecoins in the U.S.
