The US Federal Deposit Insurance Corporation (FDIC) is preparing to publish draft guidelines outlining how stablecoin issuers can seek federal oversight under the GENIUS Act.
Acting FDIC Chairman Travis Hill confirmed that the agency will deliver its first proposal under the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act by year-end. The proposal will be sent directly to the House Financial Services Committee, marking a major step toward establishing federal regulatory standards for the stablecoin industry.
According to Hill, the FDIC is developing a framework to evaluate companies that want to operate as federally supervised stablecoin issuers.
“We plan to issue a proposed rule to establish our application framework later this month,” Hill said. He added that a separate rule covering financial requirements, such as capital, liquidity, and reserve management, is expected early next year.
Stablecoin regulation under the GENIUS Act
The GENIUS Act, enacted earlier this year, aims to create a comprehensive regulatory regime for stablecoins by assigning oversight responsibilities across both federal and state agencies.
The FDIC’s upcoming proposal will define which companies fall under federal supervision and what obligations they must meet to comply with the new law.
After the draft guidance is released, the public will have several months to submit comments. Regulators will review the feedback before finalizing the rule, and implementation will be phased in to give issuers time to adjust.
Other agencies have begun working on their responsibilities under the Act as well. The US Treasury launched its own consultation in September, inviting public input on stablecoin regulation.
FDIC preparing additional guidance on tokenized deposits
In addition to its stablecoin framework, the FDIC is also drafting guidance on tokenized deposits. This effort follows recommendations from the Presidential Working Group on Financial Markets, which called for clearer standards around oversight of tokenized banking products.
Regulators, including the Federal Reserve and the National Credit Union Administration, are expected to testify on their approaches to digital asset policy.
Federal Reserve Vice Chair for Supervision Michelle Bowman noted that the Fed is preparing rules related to capital requirements and diversification for stablecoin issuers, as required under the GENIUS Act.
Meanwhile, the Commodity Futures Trading Commission (CFTC) has launched a new program allowing stablecoins and other tokenized collateral to be used in US derivatives markets, an initiative strongly supported by the Presidential Working Group.