US Treasury Starts GENIUS Act Rollout With Notice Of Proposed Rulemaking
The US Treasury on Wednesday published a notice of proposed rulemaking (NPRM) that launches the administration’s first formal effort to implement the GENIUS Act, the new federal law governing payment stablecoins that was signed by President Donald Trump last year. The NPRM is the Treasury’s initial regulatory proposal to give effect to the statute’s requirements […]
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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 […]
The Federal Deposit Insurance Corporation (FDIC) has moved to translate the country’s first crypto bill for stablecoins, the GENIUS Act, into concrete regulatory guidance for banks and their fintech subsidiaries that wish to use or issue stablecoins. In a notice of proposed rulemaking approved by the FDIC Board, the agency lays out “a prudential framework” for FDIC‑supervised permitted payment stablecoin issuers (PPSIs) and for insured depository institutions (IDIs) that provide custodial or safekeeping services tied to payment stablecoins. FDIC Issues GENIUS Act Rules The proposal....
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 […]
The US Treasury Department is putting the GENIUS Act into action with a 60-day comment period to gather ideas on detecting illicit crypto activity. By establishing a stablecoin framework and seeking input, the Treasury is working to shape the Web3 sector. Under Trump, their ultimate ambition is to bolster crypto innovation safely. Such regulatory clarity […]
The US Treasury on Wednesday released a joint proposed rule from the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) that would put meat on the bones of the GENIUS Act, the federal law establishing a regulatory framework for stablecoins. The draft rule translates the statute’s requirements into concrete anti‑money‑laundering […]