🇺🇸 The Fed pushes for tighter stablecoin regulations with two new proposals under the GENIUS Act
- The Federal Reserve has proposed two regulations under the GENIUS Act to strengthen oversight of stablecoin issuers, requiring the tokens be fully backed by approved reserve assets and establishing capital requirements.
- The first proposal requires payment stablecoin issuers under Fed supervision to comply with risk management governance standards, while the second proposal focuses on the licensing application process for banks that want to issue payment stablecoins.
- The public will be able to submit comments on the proposals within 60 days. Fed Governor Michael Barr emphasized the importance of maintaining stability in stablecoin redemption operations during periods of market pressure.
Source: CryptoPotato
🌍 Updated by GemCrypto
$BTC
#Bitcoin #Crypto
- The Federal Reserve has proposed two regulations under the GENIUS Act to strengthen oversight of stablecoin issuers, requiring the tokens be fully backed by approved reserve assets and establishing capital requirements.
- The first proposal requires payment stablecoin issuers under Fed supervision to comply with risk management governance standards, while the second proposal focuses on the licensing application process for banks that want to issue payment stablecoins.
- The public will be able to submit comments on the proposals within 60 days. Fed Governor Michael Barr emphasized the importance of maintaining stability in stablecoin redemption operations during periods of market pressure.
Source: CryptoPotato
🌍 Updated by GemCrypto
$BTC
#Bitcoin #Crypto
