Circle executive: The GENIUS Act prevents large tech companies and banks from dominating the stablecoin market

PANews reported on July 20 that according to Cointelegraph, Circle Chief Strategy Officer Dante Disparte said in the Unchained podcast that the GENIUS Act contains a little-known provision aimed at preventing technology giants and Wall Street giants from dominating the stablecoin market. Any non-bank institution that wants to issue a token pegged to the US dollar must set up "an independent entity that is more like Circle than a bank", clear antitrust obstacles, and accept the veto of the Treasury Committee. Disparte pointed out that lenders that issue stablecoins must deposit them in legally independent subsidiaries and include these stablecoins in their balance sheets that "do not bear risks, do not provide leverage, and do not provide loans." This structure is even "more conservative" than the deposit token model proposed by JPMorgan Chase and other institutions. He added: "It sets clear rules, and I think the biggest winners in the end are American consumers and market participants, and frankly, the US dollar itself."