FDIC Chair Travis Hill stated that the agency will soon propose regulations to implement the GENIUS Act this month. According to him, the FDIC is developing a review framework for organizations wishing to issue stablecoins and plans to issue proposed rules regarding prudential requirements for stablecoin issuers supervised by the FDIC early next year.
The GENIUS Act, signed by President Donald Trump in July, establishes a federal regulatory framework for stablecoin issuers and assigns multiple federal and state agencies to participate in oversight. At the hearing, leaders from the FDIC, Fed, OCC, and NCUA all presented their views on the implementation process of the law.
The FDIC will oversee and license the subsidiaries of the institutions it manages if they wish to issue stablecoin, while also establishing capital requirements, liquidity standards, and regulations on asset reserve diversification. The agency is also developing guidance for crypto deposits.
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