JUST IN โก
The Federal Reserve proposed the GENIUS Act, requiring stablecoins to be fully backed by Treasury bills and liquid assets ๐.
Issuers must hold only permissible reserves and meet standard capital, credit and operational risk rules. Banks seeking to issue stablecoins must file a business plan and financial details. The rules also set appeal and hearing procedures. A 60โday public comment period follows publication ๐.
Stakeholders have until the deadline to submit feedback before the regulations take effect ๐
$LSK, $XAI, $LSK
The Federal Reserve proposed the GENIUS Act, requiring stablecoins to be fully backed by Treasury bills and liquid assets ๐.
Issuers must hold only permissible reserves and meet standard capital, credit and operational risk rules. Banks seeking to issue stablecoins must file a business plan and financial details. The rules also set appeal and hearing procedures. A 60โday public comment period follows publication ๐.
Stakeholders have until the deadline to submit feedback before the regulations take effect ๐
$LSK, $XAI, $LSK
