The acting chairman of the US FDIC says plans are underway to propose a regulatory framework for stablecoins by December.
Jinse Finance reported that Travis Hill, Acting Chairman of the U.S. Federal Deposit Insurance Corporation (FDIC), plans to announce at Tuesday’s House Financial Services Committee hearing that the FDIC will propose the first set of implementation rules for the National Innovation Stablecoin Guidance Act (GENIUS Act) by the end of December, establishing a regulatory framework for stablecoin issuer applications. In his prepared testimony, Hill stated that the FDIC has begun formulating rules to implement the GENIUS Act and plans to propose prudential requirements for payment stablecoin issuers under FDIC supervision early next year. The agency is also developing guidelines on the regulatory status of tokenized deposits based on recommendations from the President’s Working Group on Financial Markets for Digital Assets.
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