ICBA published a new summary of the GENIUS Act for ICBA members and next week is scheduled to host a complimentary community bank briefing on the act and other digital asset policy developments.
Details:
The new GENIUS Act summary includes insights on the regulatory framework for payment stablecoins, policies on bank issuance, and more.
The complimentary community bank briefing on the GENIUS Act is slated for 1 p.m. (Eastern time) next Thursday, Aug. 7.
Background: President Donald Trump this month signed into law the GENIUS Act, which establishes a regulatory framework for payment stablecoins.
ICBA Advocacy: ICBA’s advocacy resulted in positive changes to the GENIUS Act throughout the legislative process, including strengthening language on Federal Reserve master account access, expanding the prohibition on yield/interest-bearing stablecoins to include other financial considerations, limiting nonfinancial publicly traded companies' ability to issue stablecoins, tightening permissible activities of issuers, and ensuring issuers cannot claim stablecoins are FDIC insured.
What it Means for Community Bankers: In a recent Main Street Matters blog post, ICBA President and CEO Rebeca Romero Rainey spotlights what the law means for the community banking industry, how ICBA has helped shape stablecoin policy, and the path forward.
