According to CoinMeta, the Federal Reserve of the United States proposed two rules on Thursday to implement the Genius legislation, and a 60-day public comment period has now been opened. These proposals aim to establish a legal safety net for stablecoin issuers and to set procedures for banks regulated by the Federal Reserve to issue stablecoins. The Genius legislation requires U.S. banking regulators and the Treasury Department to formulate relevant regulations by July 2026. Although the agencies have exceeded the statutory deadline, significant progress has been made in recent months. The Federal Reserve's regulatory approach echoes that of the Office of the Comptroller of the Currency, which involves a legal ban on issuers from paying interest or yields on stablecoins. The Federal Reserve stated that certain arrangements involving third parties will be considered as prohibiting the payment of interest or yields. The first proposal relates to capital and reserve requirements to ensure that stablecoins are backed by liquid assets, while the second proposal specifies how regulated banks may issue their own stablecoins, including the provision of business plans and financial information, among other documents.