TechFlow news, December 2: According to CoinDesk, Travis Hill, acting chairman of the U.S. Federal Deposit Insurance Corporation (FDIC), plans to announce during Tuesday's House Financial Services Committee hearing that the FDIC will propose initial implementing rules for the GENIUS Act (Guidance for National Innovation in Stablecoin Underwriting Statute) by the end of December, establishing an application regulatory framework for stablecoin issuers. In prepared testimony, Hill stated that the FDIC has begun developing rules to implement the GENIUS Act and intends to propose prudential requirements for payment stablecoin issuers under FDIC supervision by early next year. The agency is also developing guidance on the regulatory status of tokenized deposits based on recommendations from the President’s Working Group on Digital Asset Markets.
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