727 FinancePANews reported on September 25 that according to CoinDesk, the U.S. Federal Reserve Board proposed two rule proposals on Thursday to implement the regulatory responsibilities for stablecoin issuers under the GENIUS Act. The proposal is now open for a 60-day public comment period. The first proposal put forward by the Fed involves capital and reserve requirements aimed at ensuring that stablecoins are fully backed by highly liquid assets and that issuers have a solid foundation during times of stress. The proposal also outlines the stablecoin-related businesses that banks regulated by the Federal Reserve are allowed to conduct, including content on stablecoin rewards. The second proposal sets out procedures for regulated banks to issue their own stablecoins, requiring banks to submit “business plans, financial information, and related policies, procedures and other documents.”
PANews reported on September 25 that according to CoinDesk, the U.S. Federal Reserve Board proposed two rule proposals on Thursday to implement the regulatory responsibilities for stablecoin issuers under the GENIUS Act. The proposal is now open for a 60-day public comment period. The first proposal put forward by the Fed involves capital and reserve requirements aimed at ensuring that stablecoins are fully backed by highly liquid assets and that issuers have a solid foundation during times of stress. The proposal also outlines the stablecoin-related businesses that banks regulated by the Federal Reserve are allowed to conduct, including content on stablecoin rewards. The second proposal sets out procedures for regulated banks to issue their own stablecoins, requiring banks to submit “business plans, financial information, and related policies, procedures and other documents.”