The GENIUS bill draft proposes to prohibit non-financial technology companies from issuing stablecoins and strengthen the separation between banks and businesses

According to Eleanor Terrett's disclosure of the GENIUS bill draft on page 2, it is proposed to prohibit stablecoin issuers from misleading claims of FDIC insurance or using terminology related to the US government for naming; Prohibit non-financial technology companies such as Meta and Google from issuing stablecoins and strengthen the separation between banks and businesses; The draft also strengthens law enforcement capabilities for violations and expands the scope of ethical supervision for government special employees (including Elon Musk).