The post U.S. FDIC to Release First Stablecoin Guidelines Under GENIUS Act this Month appeared on BitcoinEthereumNews.com. The US FDIC plans to publish draft rules that will detail how stablecoin issuers apply for federal oversight under the GENIUS Act. This is expected to be released before the end of the month. FDIC Prepares First Proposal for Stablecoin Issuers According to FDIC acting Chairman Travis Hil, the agency will deliver its first proposal under the Guiding and Establishing National Innovation for U.S. stablecoins before the end of the year. The submission will go directly to the House Financial Services Committee. This will be the beginning of the federal supervisory framework for the stablecoin industry. Hill explained that the FDIC is working on how to assess companies that want to be federally supervised issuers. “We expect to issue a proposed rule to establish our application framework later this month,” Hill said. He also said that a new rule about financial standards, including capital, liquidity, and reserve management, will be released early next year. The GENIUS Act became law earlier this year. It aims to regulate the use of the coins and shares responsibilities among several federal and state agencies. The proposed framework will determine which firms qualify for federal supervision and how their obligations are assessed under the GENIUS Act. This draft guidance will open up a public comment period that will last several months. Regulators will then take feedback into consideration before issuing a final rule. Implementation is expected to be phased in. This would give issuers time to meet updated compliance obligations. Other agencies have already started their work on their part of the Act. The U.S. Treasury was engaged in its own consultation process in September. They invited comments from the public on stablecoin oversight. New Guidance on Tokenized Deposits Expected In addition to the stablecoin framework, Hill said the FDIC is working on separate guidance… The post U.S. FDIC to Release First Stablecoin Guidelines Under GENIUS Act this Month appeared on BitcoinEthereumNews.com. The US FDIC plans to publish draft rules that will detail how stablecoin issuers apply for federal oversight under the GENIUS Act. This is expected to be released before the end of the month. FDIC Prepares First Proposal for Stablecoin Issuers According to FDIC acting Chairman Travis Hil, the agency will deliver its first proposal under the Guiding and Establishing National Innovation for U.S. stablecoins before the end of the year. The submission will go directly to the House Financial Services Committee. This will be the beginning of the federal supervisory framework for the stablecoin industry. Hill explained that the FDIC is working on how to assess companies that want to be federally supervised issuers. “We expect to issue a proposed rule to establish our application framework later this month,” Hill said. He also said that a new rule about financial standards, including capital, liquidity, and reserve management, will be released early next year. The GENIUS Act became law earlier this year. It aims to regulate the use of the coins and shares responsibilities among several federal and state agencies. The proposed framework will determine which firms qualify for federal supervision and how their obligations are assessed under the GENIUS Act. This draft guidance will open up a public comment period that will last several months. Regulators will then take feedback into consideration before issuing a final rule. Implementation is expected to be phased in. This would give issuers time to meet updated compliance obligations. Other agencies have already started their work on their part of the Act. The U.S. Treasury was engaged in its own consultation process in September. They invited comments from the public on stablecoin oversight. New Guidance on Tokenized Deposits Expected In addition to the stablecoin framework, Hill said the FDIC is working on separate guidance…