Federal Reserve seeks comment on GENIUS Act stablecoin framework

The Federal Reserve Board on September 24, 2026, requested public comment on two proposals to implement its responsibilities under the GENIUS Act for Board-supervised payment stablecoin issuers.

The proposals outline a potential regulatory framework covering the assets backing payment stablecoins, issuer capital, risk controls, custody arrangements, and related activities conducted by Board-supervised banks.

A separate proposal would create a tailored application process for Board-supervised banks that seek approval to issue payment stablecoins. The process would require business and financial information and set procedures for appeals, hearings, and final determinations.

The request marks a procedural stage in establishing the Board’s approach to payment stablecoin oversight. The public comment period is scheduled to close 60 days after the proposals are published in the Federal Register.

Reserve, capital and custody requirements

The first proposal would address the permissible reserve assets that may back payment stablecoins issued by firms supervised by the Board. It would also establish standardized capital requirements and risk-management standards.

The proposal further addresses the custody of backing assets and the permissibility of stablecoin-related activities for Board-supervised banks. Together, these elements would define core operating requirements for the institutions within the Board’s scope.

• Permissible reserve assets
• Standardized capital requirements
• Risk-management standards
• Custody of backing assets
• Permissibility of stablecoin-related activities for Board-supervised banks

Application path for issuing banks

The second proposal focuses on banks supervised by the Board that intend to issue payment stablecoins. It would establish a tailored application process for those institutions.

Applicants would need to provide business and financial information. The proposal also describes procedures governing appeals, hearings, and the Board’s final determinations on applications.

The application proposal is distinct from the operating standards proposal, separating the approval process from the ongoing requirements that could apply to issuers.

Comment period and broader policy context

Comments on both proposals will be accepted until 60 days after publication in the Federal Register. The Federal Reserve did not state a calendar closing date in the announced timeline.

The proposals concern payment stablecoins and Board-supervised institutions, rather than setting out a universal framework for every digital-asset business. Their eventual terms will depend on the rulemaking process and the Board’s final actions.

The consultation arrives as U.S. regulators continue to address digital-asset market structure, including developments involving tokenized securities.

Continue reading: developments involving tokenized securities on BTCNews.

Continue reading: digital-asset market structure on BTCNews.

Sources

• Board of Governors of the Federal Reserve System: Federal Reserve Board requests public comment on two proposals related to establishing a regulatory framework for Board-supervised payment stablecoin issuers under the GENIUS Act

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