FDIC IS ABOUT TO RELEASE THE FIRST RULES OF THE GENIUS ACT FOR STABLECOIN THIS MONTH
🔸 FDIC (The Federal Deposit Insurance Corporation) announced that it will publish the first set of rules of the GENIUS Act before the end of December, starting with guidance for stablecoin issuing organizations seeking federal approval.
🔸 At the beginning of next year, the FDIC will continue to issue rules for banks wishing to issue stablecoins, including requirements for liquidity capital and reserves.
🔸 The National Assembly promulgates laws and agencies such as the FDIC, the Department of the Treasury, and the FED will be the entities to provide guidance for compliance with this law.
🔸 The regulatory frameworks must undergo a public consultation phase, so the final system will need time to be perfected.
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FDIC IS ABOUT TO RELEASE THE FIRST RULES OF THE GENIUS ACT FOR STABLECOIN THIS MONTH
🔸 FDIC (The Federal Deposit Insurance Corporation) announced that it will publish the first set of rules of the GENIUS Act before the end of December, starting with guidance for stablecoin issuing organizations seeking federal approval.
🔸 At the beginning of next year, the FDIC will continue to issue rules for banks wishing to issue stablecoins, including requirements for liquidity capital and reserves.
🔸 The National Assembly promulgates laws and agencies such as the FDIC, the Department of the Treasury, and the FED will be the entities to provide guidance for compliance with this law.
🔸 The regulatory frameworks must undergo a public consultation phase, so the final system will need time to be perfected.