Technology Companies Issuing Stablecoins:
The GENIUS Act does not explicitly ban technology companies from issuing stablecoins but imposes strict conditions. Public companies not predominantly engaged in financial activities (e.g., Big Tech firms like Apple, Meta, or Amazon) must obtain approval from the Stablecoin Certification Review Committee, which assesses risks to financial stability, consumer data protection, and the tying of stablecoin services to other business activities.
This provision applies only to public non-financial companies, meaning private tech firms (e.g., Stripe or X) are not subject to this specific restriction but must still meet general licensing requirements. Critics, including Senator Elizabeth Warren, argue that the bill’s framework could still allow tech giants to enter the stablecoin market, potentially leveraging user data or creating competitive imbalances.