The Federal Deposit Insurance Corporation (FDIC) is the first regulator to publish proposed rules for stablecoin issuers relating to the GENIUS Act. The legislation allows for banks to become stablecoin issuers, provided any issuance is performed by a ringfenced subsidiary. As primary Federal regulator for state chartered banks that are not Federal Reserve members and state savings associations, the FDIC has oversight over any stablecoin issuance by these entities.
As part of the rulemaking process, feedback is expected within 60 days. While the rules published today outline the application process and are largely formulaic, there were a couple of illuminating points.
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