The move marks the Fed’s first rulemaking tied to the GENIUS Act and signals an early step in shaping oversight for stablecoin issuers.
The Federal Reserve has proposed a stablecoin issuer identification program, in what the source describes as the central bank’s first GENIUS Act rulemaking. The step points to the early buildout of a framework for identifying entities involved in issuing stablecoins, a key part of how U.S. oversight can be applied as policymakers move from legislation to implementation. The source did not provide further operational details, but the proposal suggests the Fed is beginning to translate the GENIUS Act into supervision and compliance processes.