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Today in crypto: The US Federal Deposit Insurance Corp. proposed a framework under the GENIUS Act for banks seeking to issue payment stablecoins. In the UK, regulators launched consultations on new crypto rules, while industry executives pressed the US financial watchdog to rethink its stance on privacy tools.
The Federal Deposit Insurance Corp. (FDIC) is moving forward with rule-making under the US GENIUS Act by proposing a framework for how regulated banks could apply to issue payment stablecoins, a key early step in implementing the law’s stablecoin provisions.
In a 38-page document posted to the FDIC’s website, the agency detailed proposed approval requirements for the issuance of payment stablecoins by subsidiaries of FDIC-supervised institutions.
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