WASHINGTON–Treasury has published an advance notice of proposed rulemaking (ANPR) as part of the implementation of the recently passed Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which provides a framework for regulations in support of stablecoins and other cryptocurrencies.
As the CU Daily has reported, credit unions have begun to announce plans for their own crypto coins, including here.
payment stablecoins while also providing an appropriately tailored regime to protect consumers, mitigate potential illicit finance risks, and address financial stability risks.
Treasury’s ANPR includes nearly 60 questions among them:
- Requirements for issuing stablecoins
- Bank Secrecy Act/AML regulations that will need to be considered when promulgating rules and regulations;
- Issuance and treatment of stablecoins
- Account insurance
- Interoperability of U.S. stablecoins and stablecoins issued by other governments
- Safeguard-related questions
Treasury has sent an Oct. 19 deadline for comment. The request for comment is separate from a separate request related to fraud and digital assets.
