The draft GENIUS bill proposes to ban non-financial technology companies from issuing stablecoins, strengthening the separation between banking and commerce

According to the second page of the draft GENIUS bill disclosed by Eleanor Terrett, it is proposed to prohibit stablecoin issuers from misleading claims of FDIC insurance or using terms related to the US government; prohibit non-financial technology companies such as Meta and Google from issuing stablecoins, strengthening the separation between banking and commerce; the draft also strengthens the ability to enforce violations and expands the scope of ethics supervision for special government employees (including Elon Musk).