$ETH
$BTC
$TRUMP
๐บ๐ธBREAKING: The Fed has proposed its GENIUS Act rules, requiring stablecoins it oversees to be fully backed by Treasury bills and other high-quality assets.
Proposal one:
- Stablecoins must be fully backed by permissible reserves, such as short-term Treasury bills and other high-quality, liquid assets.
- Issuers face standardized capital requirements covering credit and operational risks, plus risk management standards.
- New rules cover firms that safekeep stablecoin reserves, and clarify which stablecoin activities Fed-supervised banks can carry out.
Proposal two:
- Fed-supervised banks applying to issue stablecoins must submit a business plan and financial information.
- The proposal also sets a process for appeals, hearings and final decisions on applications.
"Stablecoins will only be stable if they can be reliably and promptly redeemed at par in a range of conditions," says Fed Governor Michael Barr.
The comment period closes 60 days after publication in the Federal Register.
#Fed #FedOctoberRateHikeOddsRiseTo69.7%
$BTC
$TRUMP
๐บ๐ธBREAKING: The Fed has proposed its GENIUS Act rules, requiring stablecoins it oversees to be fully backed by Treasury bills and other high-quality assets.
Proposal one:
- Stablecoins must be fully backed by permissible reserves, such as short-term Treasury bills and other high-quality, liquid assets.
- Issuers face standardized capital requirements covering credit and operational risks, plus risk management standards.
- New rules cover firms that safekeep stablecoin reserves, and clarify which stablecoin activities Fed-supervised banks can carry out.
Proposal two:
- Fed-supervised banks applying to issue stablecoins must submit a business plan and financial information.
- The proposal also sets a process for appeals, hearings and final decisions on applications.
"Stablecoins will only be stable if they can be reliably and promptly redeemed at par in a range of conditions," says Fed Governor Michael Barr.
The comment period closes 60 days after publication in the Federal Register.
#Fed #FedOctoberRateHikeOddsRiseTo69.7%
