The US FDIC has proposed establishing rules for a stablecoin application framework to advance the implementation of the GENIUS Act.

On December 17, The Block reported that the Federal Deposit Insurance Corporation (FDIC) is moving forward with implementation of parts of the stablecoin bill that will become law this summer. On Tuesday, the FDIC Board of Directors approved a proposed rulemaking notice that sets out the application process for institutions issuing payment stablecoins through subsidiaries. The agency is currently soliciting public comments on the proposed rule. At the Board meeting, FDIC legal counsel Nicholas Simons stated that applications must clearly define the scope of the proposed activities, provide a description of the "subsidiary's ownership and control structure," and include "an engagement letter with a registered public accountant firm." Simons stated, "In summary, the proposed rule will allow the FDIC to assess the safety and robustness of proposed payment stablecoin activities while minimizing the regulatory burden on applicants." (Source: The Block)