WASHINGTON, Sept. 29 -- Federal Reserve System has issued a proposed rule called: Implementing the Federal Reserve Board's Responsibilities Under the GENIUS Act.
The proposed rule was published in the Federal Register on Sept. 29 by Michele Taylor Fennell, Associate Secretary of the Board.
Summary: The Board of Governors of the Federal Reserve System (Board) proposes to issue regulations to implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) with respect to Board-supervised permitted payment stablecoin issuers (PPSIs) and certain other entities that are subject to the Board's jurisdiction. In addition, the Board proposes to issue regulations to implement the prohibition on tying in section 4(a)...