NATIONAL CREDIT UNION ADMINISTRATION ISSUES PROPOSED RULE: IMPLEMENTING THE GUIDING AND ESTABLISHING NATIONAL INNOVATION FOR U.S. STABLECOINS ACT FOR THE ISSUANCE OF STABLECOINS BY ENTITIES SUBJECT TO THE JURISDICTION OF THE NATIONAL CREDIT UNION ADMINISTRATION

WASHINGTON, May 18 -- National Credit Union Administration has issued a proposed rule called: Implementing the Guiding and Establishing National Innovation for U.S. Stablecoins Act for the Issuance of Stablecoins by Entities Subject to the Jurisdiction of the National Credit Union Administration.

The proposed rule was published in the Federal Register on May 18 by Ji Kwon, Acting Secretary of the Board.

Summary: The NCUA Board (Board) is seeking comment on proposed regulations to implement portions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The GENIUS Act charges the NCUA with licensing, regulating, and supervising Payment Stablecoin issuers that are subsidiaries of federally insured credit ...