The GENIUS Act, passed in July, is the first comprehensive federal framework for payment stablecoins in the United States. On the surface, it promises clarity and an opportunity for community banks to participate in the...more
On August 19, the Fed’s Vice Chair for Supervision, Michelle W. Bowman, addressed a blockchain symposium and outlined the Fed’s approach to blockchain technology, the costs of “reputational risk” in bank supervision, and...more
On July 18, the U.S. Congress enacted the “Guiding and Establishing National Innovation for U.S. Stablecoins Act,” or the “GENIUS Act,” to regulate the issuance and treatment of payment stablecoins, which are digital assets...more
Congress is on recess, leaving regulatory agencies and industry groups to drive this week’s developments in digital asset policy. The Federal Reserve announced a sunset of its Novel Activities Supervision Program, folding...more
On August 12, a coalition of banking trade associations sent a joint letter to Congress warning that the recently enacted GENIUS Act contains a loophole that could allow the indirect payment of interest or yield on payment...more