As per CoinEdition, Federal Reserve Governor Michelle Bowman confirmed that specific rules for stablecoin issuers under the GENIUS Act are nearing completion. In her testimony to the House Financial Services Committee, she warned that crypto firms seeking charters will face bank-like scrutiny and that the Fed is finalizing a strict supervisory framework to ensure stablecoin issuers compete on a level playing field with traditional lenders. The GENIUS Act requires payment stablecoin issuers to maintain dollar-for-dollar reserves and provide enhanced transparency and redemption rights. Additionally, Bowman mentioned the Fed is recalibrating Basel III capital requirements from a 'bottom-up' approach, potentially easing rules for Wall Street while tightening them for digital assets.
Fed Governor Michelle Bowman Signals Imminent GENIUS Act Implementation and Crypto Regulatory Tightening
CoinEditionShare
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.