Travis Hill, the acting chairman of the FDIC, recently revealed a big news to the House Financial Services Committee - the first proposal of the GENIUS Act is expected to be released in December.

What is the focus of this proposal? The main aim is to establish a framework for stablecoin issuers to apply for federal regulation. Moreover, this is not the end; at the beginning of next year, the FDIC intends to release a second wave of actions: specifically targeting prudential regulatory standards for payment stablecoin issuing institutions.

In plain terms, the regulators are setting rules for the stablecoin market. From applying for qualifications to daily operations, a complete regulatory system is rapidly taking shape.