{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Credit Union Regulatory Guidance Including: NCUA, CFPB, FDIC, OCC, FFIEC","title":"GENIUS Act Regulations on Payment Stablecoin Issuance, Offer, and Sale.","html":"","width":"100%","height":180,"duration":1894,"description":"Treasury has issued a notice of proposed rulemaking implementing section 3 of the GENIUS Act — the provisions governing who may issue, offer, or sell payment stablecoins in the United States. The proposal would add a new part 1523 to title 12 of the CFR.This episode is a condensed audio version of the proposal. What we cover:Who may issue: only permitted payment stablecoin issuers, plus foreign issuers meeting the section 18(a) criteria. Knowing participation in an unlawful issuance carries a fine up to $1 million per violation and up to five years imprisonment.Treasury's proposed definitions of \"issue,\" \"issuer,\" and \"located in the United States\" — terms the statute left undefined.Why Treasury concluded a stablecoin issuer can simultaneously be a digital asset service provider.The two \"deemed not to\" safe harbors: what a foreign issuer or a digital asset service provider must do — reasonable belief, implemented policies and controls, no U.S.-targeted advertising — to stay outside the prohibitions.Due diligence a digital asset service provider must perform before relying on a foreign issuer's representation about lawful-order compliance.Exemptions, safe harbors, severability, and Treasury's four proposed interpretations.The two alternatives Treasury is weighing, including a Regulation S-style offshore transaction framework.Note for credit unions: Question 5 asks whether a digital asset redeemable only in credit union shares should be treated as a payment stablecoin. Worth watching.Comments are due October 19, 2026, at regulations.gov.If your credit union would like help preparing for an NCUA exam, visit MarkTreichel.com.Ready for the LinkedIn post whenever you are.","thumbnail_url":"https://img.transistorcdn.com/DblKo84_Ha6-XOQnfj5k1wmxCkQHeB53BeeKc2eI7dM/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzQ4MTk5LzE3MDM4/NTQxOTktYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}