Overview
- The FDIC board voted to publish the proposal and open a 60-day public comment period on its application framework.
- Under the GENIUS Act, the FDIC is designated as the primary federal regulator for eligible stablecoin-issuing subsidiaries of insured banks.
- Applicants must submit detailed information on ownership, governance and financials, including engagement letters with a registered public accounting firm.
- Reviews are bound by timelines: 30 days to deem an application complete, 120 days for approval or denial with written reasons, and an appeals path with a 30-day hearing request and 60-day final decision.
- The proposal includes a 12-month temporary safe harbor for pre-effective filings, and FDIC leadership signaled forthcoming rules on capital, liquidity and risk management.