According to the acting president of the FDIC, Travis Hil, the agency will deliver its first proposal under the Guide and Establishment of the National Innovation for US stablecoins by the end of the year.
The proposal will be directed straight to the House Financial Services Committee. This will mark the beginning of the federal oversight framework for the stablecoin industry.
Hill explained that the FDIC is working on how to evaluate companies that wish to become issuers under federal oversight. "We expect to issue a rule proposal to establish our enforcement framework by the end of this month," Hill stated.
It was also stated that a new rule on financial standards, including capital, liquidity, and reserve management, will be published early next year.
The GENIUS Act was enacted earlier this year. Its goal is to regulate the use of currencies and distribute responsibilities among various federal and state agencies.
The proposed framework will determine which companies qualify for federal oversight and how their obligations under the GENIUS Act will be assessed.
This draft guidance will open a public comment period that will last several months. Regulators will consider the comments before issuing a final rule. Implementation is expected to be gradual. This would give issuers time to comply with updated compliance obligations.
Other agencies have already begun working on their part of the Act. The U.S. Department of the Treasury participated in its own consultation process in September. They invited the public to submit comments on the oversight of stablecoins.
In addition to the stablecoin framework, Hill stated that the FDIC is working on independent guidance regarding tokenized deposits. This initiative follows the recommendations of the Presidential Working Group on Digital Asset Markets, which earlier this year requested clarity on how tokenized banking products should be supervised.
Regulators, including the Federal Reserve and the supervisory bodies of credit unions, will testify about the formulation of policies related to digital assets.
Additionally, the Federal Reserve's Vice Chair for Supervision, Michelle Bowman, stated that the Fed is working on capital and diversification regulations for stablecoin issuers. This is what the GENIUS Act requires.
Meanwhile, the CFTC launched a new program that allows tokenized guarantees, including stablecoins, in U.S. derivatives markets. The president's working group also strongly recommended this measure.
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