Revised GENIUS stablecoin bill heads to senate, bars Big Tech from issuing tokens

The US Senate is preparing to vote next week for a revised version of the Law on the Genius Act, a law focused on Stablecoin, which has been updated to deal with concerns by democratic lawmakers.

Last week, Bill has stopped After several democratic legislators withdrew support and quoted gaps in the provisions against money laundering, weak supervision for foreign issuers of Stablecoin and lack of tools for recovery.

In response, sponsors of the law introduced key changes that tightened regulatory checks and strengthen national security.

Key changes introduced into the law of genius

According to the available informationThe updated law strengthens the provisions on financial integrity, consumers and ethical standards.

It also introduces a language focused on the influence of large technological companies and foreign entities in the area of ​​digital currency.

Meanwhile, one of the most important changes is the provision that prohibits non -financial, publicly traded companies from the issuance of Stablecoins unless it meets strict conditions. These include clear risk management framework, privacy and fair business behavior.

Former journalist Fox Business Eleanor Terrett note The aim of the amendment is to “maintain the department between banking and trade”.

This would essentially limit the financial ambitions of large technology companies as MetaGoogle, Amazon and Microsoft from the introduction of digital currencies that could bypass control control.

In particular, revision comes shortly after news He revealed that the meta was discussing in time with cryptomic companies that Stablecoin’s cross -border payments on their platforms.

Moreover, the revised bill explains that stablecoins do not carry federal insurance protection, which reduces the risk of consumer confusion and financial fraud.

The aim of all these changes is to set clear legal boundaries and at the same time maintain the role of traditional financial institutions.

The crypto industry mobilizes before voting

In the next week of voting on the floor, the crypto of the group’s advocacy increased their efforts to enforce legislation.

Stand with a crypt, a Coinbase-Based Crypto Advocacy Group, has launched A campaign encouraging voters to support their senators by e -mail.

Another group of crypto advocacy, Blockchain Association, echo This sentiment, which states that the shift of the law forward “would bring us a step closer to the creation of a Bipartisan framework for Stablecoins”.

Coinbase ceo Brian Armstrong joined Pressure and called on the legislature “to create clear rules for crypto in America”. He added:

“52 million Americans used a crypto and wants to see a regulatory clarity.”

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