Fed Moves to Tighten Stablecoin Rules With Two New GENIUS Act Proposals
• The Federal Reserve has proposed two rules under the GENIUS Act to enhance oversight of stablecoin issuers, requiring full backing of tokens with approved reserve assets and setting capital requirements.
• The first proposal mandates that payment stablecoin issuers supervised by the Fed adhere to risk management standards, while the second focuses on the application process for banks wishing to issue payment stablecoins.
• Public comments on the proposals will be accepted for 60 days, with Fed Governor Michael Barr emphasizing the importance of stablecoin redemption stability during market stress.
https://cryptopotato.com/fed-moves-to-tighten-stablecoin-rules-with-two-new-genius-act-proposals/
• The Federal Reserve has proposed two rules under the GENIUS Act to enhance oversight of stablecoin issuers, requiring full backing of tokens with approved reserve assets and setting capital requirements.
• The first proposal mandates that payment stablecoin issuers supervised by the Fed adhere to risk management standards, while the second focuses on the application process for banks wishing to issue payment stablecoins.
• Public comments on the proposals will be accepted for 60 days, with Fed Governor Michael Barr emphasizing the importance of stablecoin redemption stability during market stress.
https://cryptopotato.com/fed-moves-to-tighten-stablecoin-rules-with-two-new-genius-act-proposals/