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Pat Ryan
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NEGATIVE Money in Politics & Finance 119th Congress

S.1582 Stablecoin Licensing Law (GENIUS Act)

creating federal licenses for private stablecoin issuers, including big tech firms, with no deposit insurance for holders (119th Congress)

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Lets private companies, including large tech firms approved by unanimous vote of a federal committee, issue stablecoins (digital dollars). Holders get first claim on reserves if an issuer fails but no deposit insurance or investor-protection coverage. Its ethics clause relies on a conflict-of-interest statute that excludes the President, Vice President, and Members of Congress.