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The FDIC's proposed GENIUS Act framework imposes bank-like reserve, liquidity, custody, and redemption standards on stablecoin issuers. The central dispute is deposit insurance: the FDIC would insure reserves as issuer deposits, not individual holder deposits, drawing industry pushback. This creates a path for banks to issue blockchain-based deposits, setting up a competition over digital dollar control.
Anchorage Digital submitted a comment letter supporting the Treasury's proposed AML framework for the GENIUS Act. The crypto bank urged clarity on secondary-market sanctions liability, arguing issuers should not face strict liability for sanctioned users transacting through smart contracts. The rules would classify stablecoin issuers as financial institutions under the Bank Secrecy Act.
The New York State Department of Financial Services proposed a regulation to align its stablecoin framework with the federal GENIUS Act. The rule adds provisions from the U.S. Treasury Department's requirements for state certification, including limits on reserves held at any single custodian. Acting Superintendent Kaitlin Asrow said the proposal ensures full alignment with federal requirements while maintaining consumer protections.
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