FDIC Approves Proposed Rule Under GENIUS Act

The Federal Deposit Insurance Corporation proposed new rules on Tuesday to oversee stablecoins issued through the banking system under the GENIUS Act. The FDIC board of directors voted to advance the proposal, which sets parameters for how stablecoins may be issued and managed by regulated depository institutions.

The proposal represents the FDIC's formal regulatory framework for stablecoin operations within the traditional banking sector. Details on specific requirements and implementation timelines were included in the Tuesday statement.

Sources: FDIC

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