FDIC to release draft stablecoin rules under GENIUS Act this month

The U.S. Federal Deposit Insurance Corporation (FDIC) is set to release a draft of its proposed regulations under the GENIUS Act, a U.S. stablecoin law, by the end of this month, CoinDesk reported. The plan was disclosed in written testimony from FDIC Commissioner Travis Hill submitted to the House Financial Services Committee. Hill stated that the FDIC has initiated the process of establishing regulations to implement the act, with rules for the application process expected by the end of the year. Prudential standards, including capital and liquidity requirements for FDIC-supervised payment stablecoin issuers, are scheduled to be introduced early next year.