[The Federal Reserve and FDIC to Advance Implementation of the GENIUS Act, First Regulatory Rules for Stablecoin Issuers Expected in December] Odaily Planet Daily News – Travis Hill, Acting Chairman of the Federal Deposit Insurance Corporation (FDIC), stated in testimony submitted to the House Financial Services Committee that the FDIC expects to introduce its first set of regulatory proposals for stablecoin issuers in December to implement the 'Guidance for National Innovation and Establishment of U.S. Stablecoins Act' (GENIUS Act). The initial rules will clarify the process for stablecoin issuers to apply for federal regulation, followed by the release of prudential requirements for FDIC-regulated payment stablecoin issuers early next year, including capital standards, liquidity requirements, and reserve asset quality oversight. The FDIC, along with the Treasury Department and other agencies, is advancing its respective regulatory responsibilities under the GENIUS Act. The rules will undergo a public comment period and will only take effect after the review process is completed. Hill also mentioned that the FDIC is developing further guidance on the regulatory status of 'tokenized deposits' based on recommendations from the President’s Working Group on Financial Markets. It is reported that this hearing will also include testimonies from other financial regulatory agencies such as the Federal Reserve. Federal Reserve Vice Chair for Supervision Michelle Bowman also stated that the Federal Reserve is working on a regulatory framework for stablecoin issuers, covering capital, liquidity, and risk diversification requirements, as mandated by the GENIUS Act. (CoinDesk)