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FollowingThe Federal Reserve publicly solicits opinions on regulatory framework for stablecoins under the GENIUS Act
The Federal Reserve Board has publicly solicited public comment on two proposals aimed at establishing a regulatory framework for regulated payment stablecoin issuers under the GENIUS Act.
First Proposal: Capital and Risk Management Standards
According to an announcement released by the Federal Reserve on Thursday, the first proposal requires issuers to fully support their issued stablecoins with reserve assets. These reserve assets include short-term U.S. Treasury bonds and other high-quality, highly liquid assets. In addition, the proposal will standardize capital requirements to deal with credit risk and operational risk and set risk management standards.
Second proposal: Bank application process
The second proposal would establish an application process for banks seeking to issue payment stablecoins, requiring them to submit business plans and financial information. The proposal also provides for appeal, hearing and final determination procedures for applications.
Comment feedback period and legislative background
The deadline for public submission of comments is 60 days after publication in the Federal Register.
It has been previously reported that U.S. regulators failed to comply with the rulemaking deadline set by the GENIUS Act, which expired a year after its signature. Although multiple regulators have issued proposed rules and collected public feedback over the past year, no final regulations have been issued before the deadline.
The GENIUS Act established the first comprehensive federal regulatory framework for stablecoins in the United States. The bill was signed into law by President Donald Trump on July 18, 2025.
