<ul><li>The GENIUS bill aims to protect consumers and prevent federal agencies from endorsing or participating in stablecoin projects.</li><li>It prohibits stablecoin issuers from using terms like 'United States,' 'United States Government,' or 'USG' in their names to prevent false federal affiliations.</li><li>Big tech companies like Amazon, Meta, Google, and Microsoft would need to be registered financial institutions to issue stablecoins, ensuring compliance with financial risk management and fair competition criteria.</li><li>The bill introduces protections for stablecoin holders in case of issuer bankruptcy and grants the U.S. Treasury Department authority to penalize issuers for misconduct, along with strict penalties for illegal transactions.</li></ul>

GENIUS Bill Targets Stablecoin Market With New Restrictions on Big Tech and Misleading Claims

Discover more