The GENIUS Act amendment draft restricts stablecoin issuers from using government-related names and tightens the issuance conditions for technology companies.

robot
Abstract generation in progress

According to Wu, as reported by encryption journalist Eleanor Terrett, the draft amendment to the GENIUS Act proposes several restrictions on stablecoin issuers, including a ban on claiming that their stablecoins are FDIC insured or backed by the credit of the U.S. government, and a prohibition on using names that contain words like "United States" or "USG" to prevent consumers from mistakenly believing that the stablecoin is associated with the government or Financial Institutions. Additionally, the draft restricts large tech companies (such as Meta, Amazon, Google, and Microsoft) from issuing stablecoins unless they meet strict requirements for financial risk control, data privacy protection, and fair business practices.

View Original
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
  • Reward
  • Comment
  • Share
Comment
0/400
No comments