The U.S. Senate is preparing for a procedural vote on stablecoin regulation as soon as this Monday, following last week’s failed attempt to advance the bill. According to Eleanor Terrett from Crypto in America, the revised legislation for the GENIUS Act. introduces sweeping changes that could reshape the digital currency landscape, particularly for Big Tech and policymakers with crypto ties.
Big Tech Faces Stablecoin Ban
One of the bill’s most significant provisions blocks major tech firms—including Meta, Amazon, and Google—from issuing stablecoins. Lawmakers argue that allowing these corporations to control digital currencies could threaten financial stability and increase monopolistic influence over global payments.
Trump’s USD1 Token Sparks Branding Crackdown
The bill also includes restrictions on U.S.-themed branding, a direct response to Trump’s USD1 stablecoin. Lawmakers fear that tokens mimicking government-backed currency could mislead consumers, prompting stricter guidelines on how stablecoins are marketed.
Regulatory Power Shifts to Treasury
Under the revised framework, stablecoin oversight would move from the SEC and CFTC to the Treasury Department, centralizing enforcement. Supporters argue this shift would streamline regulation, while critics worry it could limit innovation and increase bureaucratic control over digital assets.
Conflict of Interest Rules & Political Divide
The bill introduces new provisions to flag policymakers’ financial ties to crypto, aiming to prevent conflicts of interest. Despite these revisions, Senate Democrats remain opposed, citing concerns over consumer protections and enforcement mechanisms.
GOP Pushes for Memorial Day Vote
Republicans are pushing to pass the bill before recess, but ongoing Democratic resistance could delay the final vote. If approved, the legislation would redefine stablecoin regulation, impacting Big Tech’s role in digital currency and shaping the future of U.S. crypto policy.
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