The US Senate is preparing to vote next week on a revised version of the GENIUS Act, a stablecoin-focused bill that has been updated to address concerns raised by Democratic lawmakers.
In response, the bill’s sponsors have introduced key amendments to tighten regulatory controls and reinforce national security protections.
It also introduces language targeting the influence of large technology companies and foreign entities in the digital currency space.
Meanwhile, one of the most significant changes is a provision that bars non-financial, publicly traded companies from issuing stablecoins unless they meet strict conditions. These include clear frameworks for risk management, data privacy, and fair business conduct.
In addition, the revised bill also clarifies that stablecoins do not carry federal insurance protections, reducing the risk of consumer confusion and financial fraud.
All of these changes aim to establish clear legal boundaries while preserving the role of traditional financial institutions.
In the lead-up to next week’s floor vote, crypto advocacy groups have ramped up efforts to push the legislation through.
“52 million Americans have used crypto and want to see regulatory clarity.”
