The FDIC should finalize reporting forms for stablecoin issuers only after it finalizes the regulatory requirements for those firms, and it should collaborate with other federal regulators to ensure all reporting forms are substantially similar, the American Bankers Association and Bank Policy Institute said.
As part of its implementation of the Genius Act, FDIC recently released draft reporting forms that stablecoin issuers under its jurisdiction would be required to complete. In a joint letter, ABA and BPI offered several recommendations for what should and should not be included in the forms. One recommendation was for the weekly forms to collect the same information regardless of the issuer’s outstanding issuance value and transaction volume. Another was to exclude information on the balance of reserve assets that are tokenized.
ABA and BPI also stressed the need for federal agencies to collaborate on Genius Act rulemaking. In addition, they urged agencies to repropose any rules that are inconsistent or conflict with one another.
