PANews reported on May 15 that according to page 2 of the draft GENIUS Act disclosed by Eleanor Terrett, it is proposed to prohibit stablecoin issuers from misleadingly claiming to be FDIC insured or using terms related to the US government; prohibit non-financial technology companies such as Meta and Google from issuing stablecoins, and strengthen the isolation between banks and businesses; the draft also strengthens law enforcement capabilities against violations and expands the scope of ethical supervision of special government employees (including Elon Musk).
