The acting chair of the U.S. Federal Deposit Insurance Corporation (FDIC), Travis Hill, says the agency is preparing to introduce new rules this month that will lay the groundwork for implementing the recently enacted GENIUS Act.
In prepared remarks for a House Financial Services Committee hearing on prudential oversight, Hill confirmed that work is already underway: “The FDIC has begun developing rules to implement the GENIUS Act,” he said. He added that the agency expects to publish a proposed rule outlining the implementation framework later this month, followed by another proposal early next year detailing prudential requirements for FDIC-supervised stablecoin issuers.
Signed into law in July by President Donald Trump, the GENIUS Act, formally known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act, marks a major step toward building a unified federal regulatory structure for stablecoin issuers.
The law assigns responsibilities across multiple federal and state regulators to ensure consistent oversight of the growing sector.
Tuesday’s hearing brought together senior officials from the FDIC, the Federal Reserve, the Office of the Comptroller of the Currency and the National Credit Union Administration, underscoring the broader effort to strengthen coordination among U.S. financial watchdogs.
According to Hill’s testimony, the FDIC, as the nation’s deposit insurer and primary supervisor of thousands of banks, will oversee subsidiaries of FDIC-regulated institutions seeking to issue stablecoins, including the licensing process. The agency will also be responsible for establishing capital standards, liquidity rules and asset-reserve diversification requirements for supervised issuers.
Hill added that the FDIC is simultaneously drafting guidance on the regulatory treatment of digital deposits, drawing from recommendations made in the White House’s July report on digital asset markets.
