The US banking regulatory agency will proceed to address state-specific stablecoin regulatory frameworks

BlockBeats News, August 20: The U.S. Stablecoin Certification Review Board will determine whether each state's framework is "substantially similar" to the federal stablecoin issuance system. Led by the Secretary of the Treasury, the board's members include the Federal Reserve Chair and the Chair of the Federal Deposit Insurance Corporation (FDIC), who must reach consensus to allow state jurisdictions to obtain federal approval for stablecoin regulation. The "GENIUS Act" aims to streamline state-level regulation. Gavin Meyers, Financial Services Regulation Partner at Pierson Ferdinand LLP, stated that the act is expected to reduce the regulatory fragmentation across states. (Bloomberg)