U.S. Senate Advances Stricter Stablecoin Rules for Tech Companies

A new amendment to the GENIUS Act proposes stricter regulations for stablecoins issued by tech giants like Meta and Amazon. Key provisions include bans on misleading claims about U.S. government backing by stablecoin issuers and limitations on issuance unless strict financial and consumer privacy standards are met. This aims to prevent consumer confusion and protect market fairness. The amendment seeks to curb the influence of tech companies in the financial sector.