U.S. Deposit Insurance Corporation discusses implementation of Genius Act
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The U.S. Federal Deposit Insurance Corporation (FDIC) announced that it will hold a board meeting on the 7th (local time) to begin drafting detailed rules for the full implementation of Genius, the stablecoin regulation. According to materials released on the FDIC website, the proposals for discussion include allowing the issuance of stablecoins through bank subsidiaries, clarifying criteria for issuers, requiring a 1:1 reserve ratio based on cash and government bonds, and establishing supervision and risk management frameworks.
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