FDIC TO RELEASE THE FIRST SET OF RULES FOR GENIUS ACT FOR STABLECOIN THIS MONTH

🔸 FDIC (Federal Deposit Insurance Corporation) announced that it will release the first set of rules for the GENIUS Act before the end of December, starting with guidance for stablecoin issuing organizations seeking federal approval.

🔸 Early next year, FDIC will continue to issue rules for banks wanting to issue stablecoin, including requirements for liquidity capital and reserves.

🔸 Congress enacted the law, and agencies such as FDIC, the Department of the Treasury, and the FED will be the entities providing guidance to comply with this law.

🔸 The set of rules must undergo a public comment period, so the final system will require time to be refined.