GENIUS Act includes a provision to allow non-financial companies to issue stablecoins, which remains a point of contention

Quotes that support claims

The bill would establish a system under which stablecoins can be issued in the U.S. under the watch of state or federal regulators, and leaving some avenues for non-financial corporations to launch their own coins (a point of criticism from Democrats).

Under the bill, stablecoins could be issued in the U.S. under either federal or state supervision. It even allows some non-financial companies to create their own coins, a point that has raised concerns among some Democrats.