BLUF: The Federal Reserve Board proposed rules on September 29, 2026, implementing its GENIUS Act oversight duties for stablecoin issuers under its supervision.

The Board of Governors of the Federal Reserve System published a notice of proposed rulemaking to implement its responsibilities under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The proposal applies to Board-supervised permitted payment stablecoin issuers (PPSIs) and certain other entities subject to the Board's jurisdiction. The Board also proposed a separate rule implementing the GENIUS Act's prohibition on tying arrangements under section 4(a)(8), which applies generally to all PPSIs regardless of supervisor.

Why it matters: The proposal is the Federal Reserve's first formal step toward writing binding regulations for the stablecoin issuers it supervises under the 2025 GENIUS Act framework. It would touch multiple existing Federal Reserve regulatory chapters, indicating the rule reaches across the Board's banking, holding company and foreign bank supervisory structure rather than standing alone. Because the tying prohibition applies to all PPSIs, not just those the Board directly supervises, the rule's competitive-conduct provisions have implications beyond Board-chartered entities.

By the numbers:

• Comment deadline: November 30, 2026
• Federal Register citation: 91 FR 61580–61683 (104 pages)
• CFR parts affected: 12 CFR parts 208, 211, 217, 225, 247, 263
• Docket No. R-1899; RIN 7100-AH29
• Published: September 29, 2026

The rulemaking is a Notice of Proposed Rulemaking, meaning the Board is soliciting public comment before finalizing the regulations. The amendments span six parts of Title 12 of the Code of Federal Regulations, touching Board rules on membership of state banking institutions, international banking operations, and bank holding companies, among others, reflecting the range of Board-supervised entities that could issue or interact with permitted payment stablecoins.

The Board is accepting public comments through November 30, 2026, after which it may revise and finalize the rule. No effective date has been set, and the proposal does not include a companion guidance document beyond the rule text itself, according to the Federal Register filing.

Source: Federal Register