GENIUS Act Proposed: New Regulations Target Stablecoin Issuers

A new draft bill, known as the GENIUS Act, has been released and outlines several key regulatory measures for stablecoin issuers. This legislation seeks to restrict misleading claims of FDIC insurance by stablecoin companies and prohibit them from using government-related terms in their branding. Additionally, the act aims to prevent non-financial tech giants like Meta and Google from issuing their own stablecoins, further separating banking and commerce activities.