FDIC Releases Proposal Related to GENIUS Act

The FDIC’s board of directors has released a proposed rule that “would implement certain requirements pursuant to the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) applicable to FDIC-supervised permitted payment stablecoin issuers and insured depository institutions, clarify deposit insurance coverage for deposits held as reserve assets for payment stablecoins, and clarify the treatment of tokenized deposits.”

For more information about the proposed rule, see the press release on the FDIC’s Web site.