Circle executive: A provision in the GENIUS Act aims to prevent large technology companies and banks from dominating the stablecoin market

Odaily Planet News - In the Unchained podcast program, Circle's Chief Strategy Officer Dante Disparte stated that the GENIUS Act contains a little-known provision aimed at preventing tech giants and Wall Street titans from dominating the stablecoin market. Any non-bank institution seeking to issue dollar-pegged tokens must establish "an entity more like Circle than a bank", clear antitrust barriers, and be subject to veto by the Treasury Committee. Disparte noted that stablecoin-issuing lending institutions must place their coins in legally independent subsidiaries and incorporate these stablecoins into balance sheets that are "non-risk-bearing, non-leveraged, and non-lending". This structure is even "more conservative" than the deposit token models proposed by JPMorgan Chase and other institutions. He added: "It establishes clear rules, and I believe the ultimate winners are U.S. consumers and market participants, and frankly, the dollar itself." (Cointelegraph)