U.S. FDIC "To release draft regulatory proposal for stablecoin issuers within December"

Suehyeon Lee

Summary

The U.S. FDIC said it plans to release the first regulatory draft for supervising stablecoin issuers within this month.
The Genius Act is said to include the introduction of a federal-level supervisory framework for stablecoin issuers, reserve requirements, and consumer protection rules.
The FDIC's concrete regulatory proposals are expected to affect the institutionalization of the U.S. stablecoin industry and the related investment environment.

The U.S. Federal Deposit Insurance Corporation (FDIC) said it plans to submit its first draft regulation for supervising stablecoin issuers within this month.

According to CoinDesk on the 2nd (local time), Travis Hill (Travis Hill), acting head of the FDIC, said in a pre-submitted written response to a House Financial Services Committee hearing, "The FDIC has begun drafting regulations to implement the Genius Act," and "We plan to make public a draft application framework this month that would apply when stablecoin issuers apply for federal supervision."

He added, "Early next year, we will also propose a separate regulatory proposal on prudential requirements (Prudential Requirements) that would apply to payment stablecoin issuers under FDIC supervision."

The Genius Act is a new bill that brings stablecoin issuers in the United States into a federal-level supervisory framework, and includes reserve requirements, a supervisory framework, and consumer protection rules. As the FDIC begins to release concrete regulatory proposals, discussions about the institutionalization of the U.S. stablecoin industry are expected to accelerate.