U.S. FDIC Acting Chair to Propose Stablecoin Regulation Framework in December

BlockBeats News, December 2nd, according to a report by CoinDesk, Travis Hill, Acting Chairman of the Federal Deposit Insurance Corporation (FDIC), plans to announce at a House Financial Services Committee hearing on Tuesday that the FDIC will propose the first set of implementation rules for the "National Guidelines for the Enforcement of a New Innovation in Stablecoin Usage (GENIUS) Act" by the end of December, establishing a regulatory framework for stablecoin issuers.

Travis Hill stated that the FDIC has begun to develop rules to implement the GENIUS Act and plans to propose prudential requirements for payment stablecoin issuers under FDIC supervision early next year. The agency is also developing guidance on the regulatory status of tokenized deposits based on recommendations from the President's Working Group on Financial Markets.