U.S stable coin GENIUS bill, according to the May 15th 2025 proposal, arguably retains a loophole because its restrictions to issue stablecoins without explicit approval cover only public companies, permitting private platforms like X and TikTok to launch stablecoins outside this safeguard

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There are major loopholes in that, according to Mark Hays, who focuses on crypto and financial-technology issues for Americans for Financial Reform and Demand Progress. For starters, he said, it affects only public companies and not private ones, such as X and TiKTok. "There's already a way that large tech firms that aren't public could become issuers without adhering to these new standards," he said. Also, he added, "it's quite possible under this bill that a public company could secure an interest in a non-public company, and that's another way around it."