FDIC introduces initial rules for stablecoins under the GENIUS Act
The US Federal Deposit Insurance Corporation (FDIC) has published the first draft of rules governing the application process for the issuance of stablecoins.
The initiative is implemented within the framework of the GENIUS law.The FDIC intends to consider public comments within 60 days of publication.
The proposal impacts depository institutions that wish to establish subsidiaries for the issuance of dollar-backed tokens.
"The FDIC will implement a special application process that evaluates the safety and soundness of an applicant's proposed activities based on statutory factors while minimizing regulatory burdens," said Travis Hill, acting chairman of the federal agency.
Under the proposed application process, interested institutions would be required to submit letters to the Agency describing their activities, including financial information and asset protection plans.
In the coming months, there will be another, more significant rule that will set capital, liquidity and risk management requirements for stablecoin issuers, Hill said.
US President Donald Trump signed the GENIUS Act into law in July.The aim is to open a legal path for “stable coins” in the country.
Recall that in December, thanks to the new regulations, the CFTC launched a pilot program for the use of digital assets as collateral in derivatives markets.
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