In a recent Law360 article, Baker McKenzie partner David Zaslowsky examines the FDIC’s most recent proposed rule to implement the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. The proposed rule represents the financial crime compliance pillar of this emerging regime, following earlier agency proposals addressing application procedures and prudential requirements.Under the proposed rule, FDIC-supervised permitted payment stablecoin issuers would be required to implement robust, risk-based compliance programs. These programs would encompass core…
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