The acting chief of the U.S. Federal Deposit Insurance Corp. said the banking regulator expects to start proposing rules for stablecoin issuers before the close of December, according to testimony Travis Hill is preparing to deliver Tuesday before the House Financial Services Committee.
First up on the regulator’s agenda for implementing the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act: issuing a proposal for how the agency will handle issuers that apply for federal oversight.
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“The FDIC has begun work to promulgate rules to implement the GENIUS Act; we expect to issue a proposed rule to establish our application framework later this month and a proposed rule to implement the GENIUS Act’s prudential requirements for FDIC-supervised payment stablecoin
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