Fed Proposes Capital Charges and Bank Approval Rules for Stablecoin Issuers
The Federal Reserve has proposed capital charges and bank approval rules for stablecoin issuers, according to The Defiant. Under the proposal, covered issuers would generally be required to redeem tokens within two business days.
Bank applications tied to stablecoin issuance would be evaluated on the 120-day decision clock set out in the GENIUS Act, The Defiant reported.
Separately, Cointelegraph reported that the Fed is requesting public comment on two proposals for stablecoin issuers under the GENIUS Act. Cointelegraph also noted that US regulatory agencies missed a rule-making deadline under the law, a year after it was signed.
The proposals mark a step toward implementing the GENIUS Act’s framework for stablecoin oversight, addressing how issuers must handle redemptions and how banks seeking to issue stablecoins will be reviewed for approval.
Sources: The Defiant, Cointelegraph
This article is for information only and is not financial advice.
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