Federal Reserve Governor Barr Highlights Gaps Regulators Must Bridge Under GENIUS Act

On October 16, Federal Reserve Governor Michael Barr delivered remarks highlighting the significant implementation gaps regulators must bridge under the GENIUS Act, the newly enacted federal framework for payment stablecoins. Barr’s comments centered on areas where the statute leaves critical details to regulators, including reserve composition, supervisory authority, and consumer safeguards, which will determine whether the framework effectively mitigates systemic and operational risks….
By: Sheppard Mullin Richter & Hampton LLP