This story will be updated shortly.
Banking regulators are working to complete final rules on the application procedure banks must follow to issue payment stablecoins, with one agency on Wednesday pledging it will have a final rule ready in November.
Meanwhile, a proposed rule from the Treasury Department establishing certain prohibitions, limitations and other measures for stablecoin issuers is out for public comment until Oct. 19.
The rulemakings are being written under the GENIUS Act (the Guiding and Establishing National Innovation for U.S. Stablecoins Act), which beginning Jan. 18, 2027, will require any issuer to have a state or federal license to issue stablecoins.
Comptroller of the Currency Jonathan Gould, speaking during a “fireside chat” at a blockchain symposium in Jackson Hole, Wyo., on Wednesday said his agency is “very intent on moving quickly and getting a final rule out by November” so the agency can begin processing applications in January, according to an online transcript of Gould’s remarks.
Rules to implement the GENIUS Act have been proposed by the Office of the Comptroller of the Currency, Federal Reserve Board, Federal Deposit Insurance Corp. (FDIC), National Credit Union Administration (NCUA), and Treasury’s Financial Crimes Enforcement Network (FinCEN). Rules have been drafted for a customer ID (CID) program for permitted stablecoin issuers, making stablecoin issuers subject to the Bank Secrecy Act’s (BSA) anti-money laundering (AML) rules, and more.
The Treasury rule issued just recently would implement the GENIUS Act’s prohibitions and limitations on payment stablecoin issuance, offer, and sale in the United States, according to a Federal Register notice published Tuesday.
Federal Register notice (Treasury proposal)
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