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GlobeNewswire·

USBC Supports FDIC's Proposed Rule to Implement the GENIUS Act

  • USBC submitted a comment letter to the FDIC expressing support for the proposed rule implementing parts of the GENIUS Act regarding tokenized bank deposits.
  • The company views the FDIC proposal as a responsible step to formalize the regulatory framework needed to realize the full potential of tokenized deposits.
  • USBC believes clear, technology-neutral standards will provide greater certainty for insured depository institutions evaluating tokenized deposit products.
  • The firm urges the FDIC to confirm that third-party-operated blockchain contracts with continuous API access constitute valid "deposit account records" without requiring parallel traditional ledger systems.
  • USBC asserts that smart contract integration does not inherently threaten the characterization of tokenized products as deposits under the FDI Act.
  • The company expects to benefit from higher levels of tokenized deposit activity & related revenue generation following the proposed regulations.
  • USBC maintains a bitcoin treasury strategy & is developing its U.S.-dollar denominated tokenized deposit offering which operates on blockchain technology.
  • The press release includes forward-looking statements regarding anticipated product launches & regulatory outcomes subject to risks & uncertainties.