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Circle\u2019s Dante Disparte says the GENIUS Act ensures tech giants and banks can\u2019t dominate the stablecoin market without facing strict structural and regulatory hurdles.<\/p>\n
The GENIUS Act contains a little-noticed clause that prevents technology<\/a> giants and Wall Street behemoths from dominating the stablecoin market, according to Circle Chief Strategy Officer Dante Disparte.<\/p>\n \u201cThe GENIUS Act has what I\u2019d like to call \u2014 just for my own legacy sake \u2014 a Libra clause,\u201d Disparte told<\/a> the Unchained podcast on Saturday. Any non-bank that wants to mint a dollar-pegged token must spin up \u201ca standalone entity that looks more like Circle and less like a bank,\u201d clear antitrust hurdles and face a Treasury Department committee with veto power over the launch.<\/p>\n Banks don\u2019t get a free pass either. Lenders that issue a stablecoin must house it in a legally separate subsidiary and keep the coins on a balance sheet that carries \u201cno risk-taking, no leverage, no lending,\u201d Disparte noted.<\/p>\n Read more<\/p>\n<\/p>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n\n