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Ah, stablecoins. Those digital curiosities that promise the solidity of the dollar with the… well, volatility of a lovesick poet. It appears the esteemed Federal Deposit Insurance Corporation, under the direction of Mr. Travis Hill (a name that sounds suspiciously like a minor character from a Dickens novel), intends to impose some semblance of order upon this burgeoning field. Later this month, they are to unveil a “framework” – a delightfully bureaucratic term for a collection of rules, no doubt – for US stablecoin laws. One can only anticipate the paperwork. 🙄
\n\n
Mr. Hill, in testimony prepared for the House Financial Services Committee (a gathering, one imagines, of gentlemen debating the finer points of finance whilst simultaneously wishing they were anywhere else), stated they’ve “begun work” on rules to implement the GENIUS Act. GENIUS, you say? A bold claim for legislation relating to something so often… not. A proposed rule, he assures us, is forthcoming. “Early next year” they’ll even deign to consider “prudential requirements” for those poor souls issuing these digital tokens. One does wonder if anyone consulted with a fortune teller before setting these deadlines?
\n\n
President Trump, bless his…enthusiasm, signed this GENIUS Act back in July, assigning the FDIC the task of policing these stablecoin-issuing subsidiaries. It\’s a lovely thought, the FDIC safeguarding our digital pennies. One pictures them meticulously counting bits and bytes, muttering about liquidity and reserve assets. 🧐
\n\n
Naturally, the GENIUS Act demands “capital requirements, liquidity standards, and reserve asset diversification standards.” Because, you know, what’s more comforting than a detailed list of regulatory demands when one is dabbling in the wildly unpredictable world of cryptocurrency? The FDIC, you see, insures banks should they stumble (and, let’s be honest, they often do). Now, they shall also insure our digital dreams… or curtail them. It remains to be seen.
\n
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And, as with all things bureaucratic, the proposed rules will be opened to “public feedback.” A process that, I suspect, will largely consist of impassioned pleas from those who understand the technology and exasperated sighs from those who do not. Months, naturally, will pass. The wheels of progress grind exceedingly fine, you know. 🐌
\n\n
The Treasury, not to be left out of this game of regulatory charades, began its implementation of the GENIUS Act in August, following a similar pattern of public pronouncements and prolonged deliberation. It rather feels as though we\’re watching a particularly slow and elaborate dance.
\n\n
Tokenized Deposits: A New Headache?
\n\n
Mr. Hill also hinted at the consideration of “tokenized deposits,” a concept that sounds frightfully complicated and, frankly, rather unnecessary. Apparently, the President’s Working Group on Digital Asset Markets recommended clarifying permissible activities for banks, including – brace yourselves – the tokenization of assets and liabilities. One shudders to think what horrors this will unleash. 😱
\n\n
They are “developing guidance” on the regulatory status of these “tokenized deposits,” presumably because no one has the slightest idea what they are. A perfectly reasonable response, I assure you.
\n\n
The Fed Joins the Fray
\n\n
Even the Federal Reserve, in the form of Vice Chair Michelle Bowman, is getting involved, “working with other banking regulators” to devise capital and liquidity regulations for stablecoin issuers. Of course. Because one regulator is clearly never enough. She also suggests a need for “clarity” regarding digital assets, which is, to put it mildly, an understatement. Indeed. Let us all pray for clarity in these confusing times.🙏🏻
\n\n
The House Finance Committee’s hearing promises a parade of officials from various agencies, all eager to weigh in on this digital conundrum. One can only hope they bring strong coffee and a healthy sense of irony.
\n
Ah, stablecoins. Those digital curiosities that promise the solidity of the dollar with the… well, volatility of a lovesick poet. It appears the esteemed Federal Deposit Insurance Corporation, under the direction of Mr. Travis Hill (a name that sounds suspiciously like a minor character from a Dickens novel), intends to impose some semblance of order upon this burgeoning field. Later this month, they are to unveil a “framework” – a delightfully bureaucratic term for a collection of rules, no doubt – for US stablecoin laws. One can only anticipate the paperwork. 🙄
Mr. Hill, in testimony prepared for the House Financial Services Committee (a gathering, one imagines, of gentlemen debating the finer points of finance whilst simultaneously wishing they were anywhere else), stated they’ve “begun work” on rules to implement the GENIUS Act. GENIUS, you say? A bold claim for legislation relating to something so often… not. A proposed rule, he assures us, is forthcoming. “Early next year” they’ll even deign to consider “prudential requirements” for those poor souls issuing these digital tokens. One does wonder if anyone consulted with a fortune teller before setting these deadlines?
President Trump, bless his…enthusiasm, signed this GENIUS Act back in July, assigning the FDIC the task of policing these stablecoin-issuing subsidiaries. It’s a lovely thought, the FDIC safeguarding our digital pennies. One pictures them meticulously counting bits and bytes, muttering about liquidity and reserve assets. 🧐
Naturally, the GENIUS Act demands “capital requirements, liquidity standards, and reserve asset diversification standards.” Because, you know, what’s more comforting than a detailed list of regulatory demands when one is dabbling in the wildly unpredictable world of cryptocurrency? The FDIC, you see, insures banks should they stumble (and, let’s be honest, they often do). Now, they shall also insure our digital dreams… or curtail them. It remains to be seen.
And, as with all things bureaucratic, the proposed rules will be opened to “public feedback.” A process that, I suspect, will largely consist of impassioned pleas from those who understand the technology and exasperated sighs from those who do not. Months, naturally, will pass. The wheels of progress grind exceedingly fine, you know. 🐌
The Treasury, not to be left out of this game of regulatory charades, began its implementation of the GENIUS Act in August, following a similar pattern of public pronouncements and prolonged deliberation. It rather feels as though we’re watching a particularly slow and elaborate dance.
Tokenized Deposits: A New Headache?
Mr. Hill also hinted at the consideration of “tokenized deposits,” a concept that sounds frightfully complicated and, frankly, rather unnecessary. Apparently, the President’s Working Group on Digital Asset Markets recommended clarifying permissible activities for banks, including – brace yourselves – the tokenization of assets and liabilities. One shudders to think what horrors this will unleash. 😱
They are “developing guidance” on the regulatory status of these “tokenized deposits,” presumably because no one has the slightest idea what they are. A perfectly reasonable response, I assure you.
The Fed Joins the Fray
Even the Federal Reserve, in the form of Vice Chair Michelle Bowman, is getting involved, “working with other banking regulators” to devise capital and liquidity regulations for stablecoin issuers. Of course. Because one regulator is clearly never enough. She also suggests a need for “clarity” regarding digital assets, which is, to put it mildly, an understatement. Indeed. Let us all pray for clarity in these confusing times.🙏🏻
The House Finance Committee’s hearing promises a parade of officials from various agencies, all eager to weigh in on this digital conundrum. One can only hope they bring strong coffee and a healthy sense of irony.
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2025-12-02 09:33