USA

A filtering draft of the Genius Law (Guiding and Establishment National Innovation for Us Stablecoins), which seeks to regulate the Stablecoins market in the United States, reveals that the amendments contemplated to the text consider prohibiting technological giants such as Meta and Google to emit digital coins.

According to a tweet from the journalist Eleanor Terrett, the text of page 2 of the project includes a specific language aimed at technological companies, reinforcing the separation between banking and commerce.

In this way, legislators would be ensuring that the regulations for the regulation of stablecoins in the US. This specifies a separation between financial institutions and commercial companies to avoid conflicts of interest and protect consumers.

Allowing goal or Google Issue Stablecoins would break this barrier, since these companies are not banks, but technological giants with diverse commercial interests.

The draft, which is still under discussion, also would prohibit the emitters of Stablecoins make deceptive statements on the insurance of the Federal Deposit Insurance Corporation (FDIC) and use terms associated with the US government in the names of its digital currencies. These measures pursue the increase in transparency and protect consumers in a Stablecoins market that exceeds 230 billion dollars in circulation, according to defillion data.

The regulation for stablcoins in a counterreloj race

After the failure in the Senate last week of the “Domain Domain Law” as the genius law is also known, previously reported by cryptootics, the senators of the Republican and Democratic parties now collaborate to reactivate it. The approval of this regulation is imperative before May 26, deadline for your viability to retain.

In addition, a possible package of bipartisan amendments to the bill has begun to circulate in the Senate, according to two sources close to the matter cited by Terrett. These amendments would include new provisions on consumer protection, bankruptcy regulations and ethical standards, which indicates an effort to address previous concerns about the impact of stablecoins on financial stability and fraud risks.

The Genius Law, introduced by Senator Bill Hagerty on February 4, 2025, has the support of key figures such as the president of the Senate Banking Committee, Tim Scott and Cynthia Lummis. However, the project has faced resistance due to those who Concerns about lagoons in consumer protection and possible conflicts of interest.

Critics such as Senator Elizabeth Warren warned at that time that the project version could allow non -financial technology companies, such as Elon Musk’s goal or X, to broadcast Stablocoins, which they consider a threat to historical separation between banks and trade. Warren also pointed out risks of financial instability, citing the case of the Circle Stablinin and others that fell into depreciation in 2023. Because of this, the amendments would be proposed to strengthen the safeguards.

On the other hand, project defenders, such as the representative French Hill, argue that the regulation of Stablecoins is crucial to maintain the leadership of the United States. UU. In financial innovation and counteract the progress of digital currencies such as Chinese yuan. Hill aligned his proposal, the Stable Law, with Genius to facilitate a unified federal framework