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Learn More: https://www.gate.io/article/44878
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The GENIUS bill draft intends to prohibit non-financial technology companies from issuing stablecoins, strengthening the separation between banks and commerce.
[The GENIUS Act draft aims to prohibit non-financial tech companies from issuing stablecoins and strengthen the separation between banks and commerce] According to the content on page 2 of the GENIUS Act draft disclosed by Eleanor Terrett, it aims to prohibit stablecoin issuers from misleadingly claiming FDIC insurance or using terms related to the U.S. government; prohibits non-financial tech companies such as Meta and Google from issuing stablecoins, and strengthens the separation between banks and commerce; the draft also enhances the enforcement capability against violations and expands the ethical oversight scope of government special employees (including Elon Musk).