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The US Senate is set to vote on an updated version of the GENIUS Act, a stablecoin-focused bill addressing Democratic concerns. Key amendments aim to tighten regulatory controls and curb Big Tech’s involvement in digital currencies.
- The revised GENIUS Act bars Big Tech firms like Meta and Google from issuing stablecoins without stringent risk management and data privacy frameworks.
- Crypto advocacy groups, including Stand With Crypto and The Blockchain Association, are actively lobbying senators to pass the bill for regulatory clarity.
- The bill explicitly states that stablecoins do not carry federal insurance protections, reducing consumer confusion and fraud risks.
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