As reported by Coindesk, the U.S. Federal Deposit Insurance Corp. (FDIC) has proposed its first official rule under the GENIUS Act, outlining procedures for handling stablecoin applications from regulated banks. The rule, approved by the FDIC board, opens a 60-day public comment period and sets a 120-day approval window for applications. The agency will also establish an appeal process for rejected applicants. Acting FDIC Chairman Travis Hill noted that a more substantial rule on capital, liquidity, and risk management will follow in the coming months.
U.S. FDIC Proposes First Stablecoin Rule Under GENIUS Act
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Summary
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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