Fed requests comment on two stablecoin issuer proposals under GENIUS Act

The Federal Reserve Board asked for public comment on two proposals to regulate supervised payment stablecoin issuers under the GENIUS Act, after US agencies missed a rule-making deadline a year after the law was signed on July 18, 2025. One would require full reserve backing with short-term Treasury bills and other liquid assets plus capital and risk-management rules; the other would set a bank application process with appeals and final determinations. The comment period closes 60 days after publication in the Federal Register.