Banks Can Soon Issue Stablecoins: FDIC Begins Rulemaking Under GENIUS Act
The Federal Deposit Insurance Corporation (FDIC) has announced a new framework that outlines how banks can apply to issue payment stablecoins through subsidiaries as part of the implementation of the country’s stablecoin bill, the GENIUS Act. FDIC’s First Move On GENIUS Act In a statement, Acting Chair Travis Hill emphasized that the proposed process is […]
Related News
The U.S. Federal Deposit Insurance Corporation (FDIC) is preparing to publish its first formal proposal outlining how stablecoin issuers will operate under the GENIUS Act, according to acting chairman Travis Hill. Related Reading: Cardano Founder Unveils Pentad Blueprint To Drive 2026 Growth The rulemaking package is expected to be submitted to the House Financial Services […]
“Establishing clear regulatory expectations will be paramount to give this market an opportunity to grow and mature in a responsible manner,” said Jelena McWilliams. Jelena McWilliams, the chairperson of the Federal Deposit Insurance Corporation, or FDIC, has said the agency is working with other regulators in the United States to explore “under what circumstances banks can engage in activities involving crypto assets.”In a speech at the Money20/20 fintech conference on Oct. 25, McWilliams said the FDIC, in coordination with the Federal Reserve and the Office of the Comptroller of the....
Multicoin Capital’s co-founder says a new law could redraw how Americans keep and earn on their cash, and banks may feel the heat. Tushar Jain said the GENIUS Act could mark “the beginning of the end” of low interest for everyday savers, offering an opening for stablecoins and tech firms to compete for deposits. Related […]
The American Bankers Association (ABA), along with 52 state bankers associations nationwide, has submitted a letter to the US Department of the Treasury, urging an implementation of the GENIUS Act’s prohibition on interest for payment stablecoins. This letter responds to the Treasury’s advance notice of proposed rulemaking concerning the country’s stablecoin bill and underscores the […]
Acting Federal Deposit Insurance Corporation chairman Martin Gruenberg said the agency needs more information about crypto, and the crypto industry needs to understand the FDIC better. Acting United States Federal Deposit Insurance Corporation chairman Martin Gruenberg spoke on Oct. 20 about possible applications of stablecoins and the FDIC’s approach to banks considering engaging in crypto-asset-related activities. Although he saw no evidence of their value, Gruenberg conceded that payment stablecoins merit further consideration.Gruenberg began his talk at the Brookings Institute with an....