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U.S. FDIC Proposes First Stablecoin Rule Under GENIUS Act

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The U.S. FDIC has proposed its first stablecoin regulation under the GENIUS Act, setting procedures for banks seeking to issue stablecoins. The rule, approved by the FDIC board, includes a 60-day public comment period and a 120-day approval window. The agency will also create an appeal process for rejected applications. Acting Chairman Travis Hill said a more detailed rule on capital and risk will follow. The proposal also addresses Countering the Financing of Terrorism requirements.
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