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Stablecoin Bill Advances with Sweeping Bans on Non-Bank Issuers Like Meta
Stablecoin Bill Advances with Sweeping Bans on Non-Bank Issuers Like Meta
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A proposed amendment to the stablecoin bill has introduced stringent restrictions targeting non-financial publicly traded companies, including tech giants like Meta, Apple, and Amazon. The provision aims to bar these entities from issuing stablecoins unless they meet rigorous criteria related to financial risk, consumer data privacy, and fair business practices.
The MOVE appears to be a direct response to recent speculation that Meta is exploring stablecoin integration on its platforms. By enforcing a clear separation between banking and commercial activities, lawmakers seek to safeguard financial stability and prevent undue concentration of power in the hands of big tech.
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