BlockBeats message, April 8, according to CoinDesk, the U.S. Federal Deposit Insurance Corporation (FDIC) has officially put forward its regulatory framework for stablecoin issuers. As one of the federal financial regulators required to draft and oversee rules under the GENIUS Act passed last year, the FDIC is moving ahead with implementing the related framework.
The proposal is intended to closely align with the plan its “sister agency”—the Office of the Comptroller of the Currency (OCC)—submitted earlier this year in February. The FDIC’s proposal includes 144 questions and will open a 60-day public comment period.
Under the proposal, stablecoins will not receive deposit insurance protection in the same way as traditional bank deposits.
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