Stablecoin Rulemaking Accelerates With New Fed, Treasury Proposals
By CU Today Staff —
WASHINGTON--Federal regulators issued two recent proposals related to payment stablecoins, one from Treasury and another from the Federal Reserve. America’s Credit Unions said it plans to submit comments on both.
As CUToday.info reported, the Federal Reserve’s proposal provides a regulatory framework for Fed-supervised, permitted payment stablecoin issuers (PPSIs). ACU noted provisions applicable to credit unions include:
Comments on this proposal are due to the Fed by Nov. 30.
Wednesday, the Treasury published an interim final rule implementing a process to facilitate the Stablecoin Certification Review Committee's review of whether a state payment stablecoin regulatory regime is considered substantially similar to the federal regulatory baseline. It includes the criteria which will determine the similarity, ACU said.
Comments are due to the Treasury by Dec. 1.
Originally reported by CU Today.