FDIC Sets April 7 Vote to Finalize Bank Stablecoin Rulemaking Under GENIUS Act
The Federal Deposit Insurance Corp. has called an April 7 board meeting, giving less than a week's notice, to advance rulemaking that will govern how U.S. banks can issue stablecoins under the GENIUS Act.
According to the agenda, the FDIC board will consider a proposed rule focused on GENIUS Act requirements for FDIC-supervised "permitted payment stablecoin issuers," a structure that would allow traditional banks to enter the stablecoin business through subsidiaries. The meeting will also cover anti-money laundering standards and a final rule addressing regulators' use of "reputation risk."
Signed into law by President Trump on July 18, 2025, the GENIUS Act created the first federal stablecoin framework in U.S. history. Implementation now hinges on detailed regulations. The FDIC, the Office of the Comptroller of the Currency and the Treasury Department are working to finalize rules by July 18, 2026, one year after enactment. The statute takes effect 120 days after those rules are finalized, with Jan. 18, 2027 set as the outside deadline.
Treasury has already issued an initial package of proposed rules and opened a 60-day public comment window. The OCC has submitted its own proposals, and the FDIC is now moving to formalize its approach.
Federal Reserve Governor Michael Barr has cautioned that outcomes will depend heavily on implementation, pointing to reserve requirements, risks of regulatory arbitrage, capital standards and consumer protections as key pressure points.
In parallel, lawmakers are pushing the CLARITY Act, a broader crypto market-structure bill. A Senate Banking Committee markup is expected in the second half of April, after the Easter recess ends April 13. Coinbase Chief Legal Officer Paul Grewal said this week that a stablecoin yield deal was "very close," suggesting talks may be further along than the public schedule indicates.
Sen. Bernie Moreno has warned that if the CLARITY Act does not reach the Senate floor by May, digital-asset legislation could stall for years. The FDIC's April 7 meeting marks the next regulatory step in that broader policy timeline.
