FDIC proposes compliance rules for stablecoin issuers under GENIUS Act
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Table of Contents
The Federal Deposit Insurance Corporation has proposed a new rule to set anti-money laundering and sanctions standards for payment stablecoin issuers. These are companies that issue digital tokens pegged to the U.S. dollar, which operate as subsidiaries of banks supervised by the FDIC.
Why it matters: This establishes the specific supervisory expectations for banks that want to issue digital dollar tokens. It clarifies what compliance programs these businesses must maintain to avoid penalties, ensuring they follow the same anti-money laundering rules as other traditional financial entities.
Who it affects
- FDIC-supervised state nonmember banks and state savings associations seeking approval to issue payment stablecoins
This proposed rule is published by the Federal Deposit Insurance Corporation in the Federal Register; readers should check the original document for full legal text and comment deadlines.
Agency: Federal Deposit Insurance Corporation
Source: Federal Register — read the official document