According to ChainCatcher, as disclosed by crypto journalist Eleanor Terrett, the latest bipartisan amendment draft of the GENIUS bill in the U.S. Senate strengthens key regulatory measures, explicitly prohibiting stablecoin issuers from falsely claiming FDIC insurance coverage or endorsement by the U.S. government's credit, and banning the use of terms like "United States" or "U.S. Government" in stablecoin names to avoid consumer confusion.
Most importantly, the restrictions on tech giants are clear, with the amendment explicitly prohibiting non-financial publicly listed companies like 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 Silicon Valley tech companies' monopolistic tendencies.
The amendment also strengthens enforcement mechanisms, allowing the Treasury to suspend registration for issuers with reckless or intentional non-compliance, and expanding ethical standards coverage for special government employees (including Elon Musk) to ensure consistent application of financial conflict of interest standards. In short, these adjustments limit large tech companies' financial expansion while adding more bureaucratic procedures.
