With respect to the FDIC, the FinalRule adds a new Subpart D to 12 C.F.R. Part 304, the FDIC's regulations on "Forms, Instructions, and Reports." ... The contents of, and material referenced in, this FIL apply to the FDIC.
Paradigm argues the FDIC’s stablecoin proposal exceeds the GENIUS Act by restricting third-party rewards and urges changes on reserves, reporting, and tokenized assets as Congress considers the CLARITYAct ... .
Federal Deposit Insurance Corporation (FDIC) has issued a draft rule that definitively states holders of stablecoins are not eligible for deposit insurance coverage ...Does the FDIC draft rule mean stablecoins are now illegal?.
In particular, we appreciate the FDIC's inclusion of proposed amendments to its regulations confirming the FDIC's technology-neutral approach to identifying deposits and determining their insurability.
Over the past several months, the FDIC has devoted significant time to considering potential improvements to our approach for resolving failed banks ... the institution is not small and simple, and the FDIC has a short or nonexistent runway.