Lawmakers dey press Fed for stablecoin definitions as FDIC dey push forward GENIUS Act rules

US lawmakas dey press Federal Reserve Vice Chair for Supervision Michelle Bowman about how Fed dey take handle stablecoins for one oversight hearing as FDIC dey push rule‑making under the GENIUS Act. GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act), wey dem sign for July, set federal framework for payment stablecoins and give supervisory roles to Federal Reserve, FDIC, OCC and NCUA. Bowman talk say Fed go issue rules for activities wey involve payment stablecoins and she ask make Fed staff fit hold small amount of crypto for research and to sabi wetin dey ground for institutions. Representative Stephen Lynch ask make dem clear the difference between “digital assets” and stablecoins. Acting FDIC Chair Travis Hill testify say FDIC go publish initial supervision proposal for bank‑affiliated stablecoin issuers this month and follow am with capital and liquidity standards early next year. Key GENIUS Act requirements include formal applications for bank‑linked issuers, national oversight, and rules for reserves, custody, redemption, capital and liquidity. Market people note say stablecoins dey process billions of transactions every day and normally keep peg steady within about 1%, though past collapses (like Terra in 2022) show systemic risk. For traders: expect more regulatory clarity wey fit boost institutional participation but go also raise compliance costs for issuers; FDIC and Fed rule timelines and how dem talk about “digital assets” versus stablecoins fit quickly affect sentiment for fiat‑pegged tokens and banks’ crypto activity.