ACU: CUs Face Deadline To Weigh In On GENIUS Act Stablecoin Proposal
By CU Today Staff —
WASHINGTON--Credit unions face an approaching deadline to weigh in on a Treasury Department proposal that would implement provisions of the GENIUS Act restricting the issuance, offer or sale of stablecoins in the United States by foreign entities.
America’s Credit Unions is urging credit unions to review the proposal and submit feedback, with its latest Regulatory Comment alert outlining the proposed requirements and their potential impact on the industry.
It would not directly impact NCUA-licensed permitted payment stablecoin issuers, or other lawfully registered permitted payment stablecoin issuers, but it is primarily focused on the conduct of foreign issuers of stablecoins who seek to issue, offer, or make available for sale stablecoins in the U.S., ACU noted.
America’s Credit Unions said it welcomes comments by Oct. 5, to help shape comments submitted to Treasury. The deadline to submit comments directly to Treasury is Oct. 19.
Originally reported by CU Today.