The US Federal Reserve on Thursday proposed new rules for issuers of dollar-backed cryptocurrency tokens known as stablecoins, taking another step towards implementing the regulatory framework established by last year's GENIUS Act, according to Reuters.
The proposals would establish requirements for payment stablecoin issuers that are supervised by the Federal Reserve, including rules on reserves, capital and risk management. The Fed said the framework is intended to carry out responsibilities assigned to it under the GENIUS Act.
