JUST IN ⚡
The Federal Reserve proposed the GENIUS Act, requiring stablecoins to be fully backed by Treasury bills and liquid assets 🚀.
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 60‑day public comment period follows publication 📈.
Stakeholders have until the deadline to submit feedback before the regulations take effect 🕒
$LSK, $XAI, $LSK
The Federal Reserve proposed the GENIUS Act, requiring stablecoins to be fully backed by Treasury bills and liquid assets 🚀.
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 60‑day public comment period follows publication 📈.
Stakeholders have until the deadline to submit feedback before the regulations take effect 🕒
$LSK, $XAI, $LSK
