WASHINGTON, April 10 -- Federal Deposit Insurance Corporation has issued a proposed rule called: GENIUS Act Requirements and Standards for FDIC-Supervised Permitted Payment Stablecoin Issuers and Insured Depository Institutions.
The proposed rule was published in the Federal Register on April 10 by Debra A. Decker, Executive Secretary.
Summary: The Federal Deposit Insurance Corporation (FDIC) is soliciting comment on a proposal that would implement certain requirements pursuant to the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) applicable to FDIC-supervised permitted payment stablecoin issuers and insured depository institutions, clarify deposit insurance coverage for deposits held as reserve assets ...