FDIC acting chair says framework for stablecoin laws coming this month
The FDIC acting chair announced a proposed rule framework for stablecoin laws under the GENIUS Act will be issued this month.Summary
FDIC Acting Chair Travis Hill stated that the agency will propose a framework for implementing US stablecoin laws later this month, specifically regarding the GENIUS Act. This framework will establish the application process for stablecoin issuers supervised by the FDIC. Furthermore, the FDIC plans to issue a proposed rule detailing prudential requirements for these issuers early next year. The GENIUS Act, signed by President Trump in July, tasks the FDIC with setting capital, liquidity, and reserve diversification standards for stablecoin issuers. Hill also mentioned the FDIC is developing guidance on the regulatory status of tokenized deposits, influenced by recommendations from the President’s Working Group on Digital Asset Markets. Other regulators, including the Federal Reserve, Treasury, OCC, and NCUA, are also developing complementary rules for stablecoin oversight.
(Source：Cointelegraph)