NCUA Proposes Licensing Framework for Credit Union Stablecoin Subsidiaries

On February 12, the National Credit Union Administration issued a notice of proposed rulemaking to implement the licensing framework required by the GENIUS Act. The proposal would establish a formal application, review, and supervisory structure for payment stablecoin issuers that operate as subsidiaries of federally insured credit unions….
By: Sheppard Mullin Richter & Hampton LLP