The FDIC will publish its first GENIUS Act rule proposal by the end of December, paving the way for a federal regulatory framework for stablecoin issuers seeking national oversight.
Une règle d’application pour les émetteurs, dès décembre
Regulation of stablecoins is stepping up in the United States. Travis Hill, acting chair of the FDIC, is set to announce before the House Financial Services Committee that the agency will release this month its first proposal of rules related to the GENIUS Act, the new federal framework dedicated to dollar-backed stablecoins.
First step of the project: define the application procedure for issuers wishing to be federally supervised. According to Hill’s prepared testimony, the FDIC will release a detailed rule draft on the application review process by the end of December. A second proposal, expected in early 2026, will focus on the prudential requirements applicable to supervised banks wishing to issue stablecoins.
The GENIUS Act envisions joint supervision between federal agencies and state authorities. For the FDIC, the stakes are high: setting capital, liquidity, and reserve management standards for banks looking to enter the payment stablecoin industry.
Un processus ouvert au public, comme pour les grandes régulations bancaires
Like any federal regulation, these rule projects will undergo a public consultation that could last several months. It is only after the analysis of comments that the FDIC can publish a final version, usually accompanied by a gradual implementation period.
Other regulators, notably the Treasury, are also progressing on their legal obligations. The GENIUS Act requires close coordination as it aims to define for the first time a coherent national framework for stablecoins backed by dollar reserves.
Tokenized deposits: FDIC also preparing clarifications
In his testimony, Hill indicates that the FDIC is also working on new guidelines concerning tokenized deposits, in line with this year’s President’s Working Group recommendations. The goal: clarify the regulatory status of these tokenized bank deposits, which could become a strategic bridge between traditional finance and blockchain infrastructures.
La Fed aussi sur le pont
Tuesday’s session will see other authorities speak, including the Federal Reserve. Michelle Bowman, Fed Vice Chair for Supervision, states in her own testimony that the central bank is developing the capital, liquidity, and diversification standards required for stablecoin issuers under the GENIUS regime.
The imminent arrival of the first FDIC proposals marks a decisive step: the United States is moving from legislative theory to regulatory engineering. And for the stablecoin market, today a major driver of crypto liquidity, this marks the beginning of a much more structured framework.
