U.S. FDIC proposes first U.S. stablecoin rule to emerge from GENIUS Act
The FDIC proposed its first rule under the GENIUS Act, outlining procedures for banks to apply for stablecoin subsidiary operations.Summary
The U.S. Federal Deposit Insurance Corp. (FDIC) initiated its formal rulemaking process by proposing the first official rule stemming from the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The proposal, approved by the board, opens a 60-day public comment period on the procedures for depository institutions to apply to issue stablecoins through subsidiaries. Acting Chairman Travis Hill stated the tailored application process aims to evaluate safety and soundness while minimizing regulatory burden, with a 120-day approval window and an appeal process included. Hill noted that a more substantial rule detailing capital, liquidity, and risk management requirements for these issuers will follow in the coming months.
(Source：CoinDesk)