FDIC Unveils Proposed Framework for Regulating Stablecoin Issuers in the U.S.

April 8 — The U.S. Federal Deposit Insurance Corporation (FDIC) has formally released a proposed regulatory framework for stablecoin issuers, CoinDesk reported. Under the recently enacted GENIUS Act, the FDIC is among the federal financial regulators tasked with drafting and supervising stablecoin rules, and the agency is now moving to put that mandate into practice. The proposal is designed to track closely with a plan put forward in February by the Office of the Comptroller of the Currency (OCC). The FDIC's draft includes 144 questions and will be subject to a 60-day public comment period. The agency also makes clear that, under the proposal, stablecoins would not be protected by deposit insurance in the way traditional bank deposits are.