Federal Reserve Proposes GENIUS Act Rules For Stablecoin Issuers
TLDR
The Federal Reserve proposed two new rules on Thursday to help carry out the GENIUS Act.
One rule sets capital and reserve requirements for stablecoin issuers.
The other rule creates an application process for banks that want to issue stablecoins.
Fed Governor Michael Barr supported the plan but wants stronger anti-money laundering standards.
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