TLDR
There is no single U.S. agency that drafts stablecoin rules. Congress sets the law, and banking regulators (FDIC, Federal Reserve, OCC) are drafting issuer rules under the 2025 GENIUS Act, while market conduct falls to the SEC/CFTC.
- FDIC and the Federal Reserve confirmed rulemaking for stablecoin issuers under the GENIUS Act in recent testimony and updates (regulator testimony, regulator update).
- The CFTC is shaping trading and derivatives treatment (for example, allowing USDC as collateral) (market update).
- Statutes originate in Congress (GENIUS Act), then agencies write detailed rules (legislative overview, policy report).
Deep Dive
1. Prudential Rulemaking
Banking regulators lead issuer-focused rules. The FDIC has said it will publish a proposed framework for stablecoin issuers, and the Federal Reserve stated its GENIUS Act mandate requires related regulations (regulator testimony, regulator update). These rules typically cover reserve standards, redemption, governance, and bank permissions.
If you are an issuer or bank partner, the FDIC/Fed/OCC rule texts will be the core documents to track for licensing, reserves, and supervision.
2. Market Oversight
The SEC and CFTC handle market integrity and trading. The CFTCs recent step to permit USDC as derivatives collateral shows it is defining cryptos role in market plumbing, while the SECs remit covers securities questions and broker/exchange oversight (market update, policy report).
If your exposure is via trading or derivatives, watch SEC/CFTC advisories and no?action letters for operational rules, disclosures, and collateral treatment.
3. Statutes Drive Agency Work
Congressional acts set the framework; agencies write implementing rules. The GENIUS Act is the first federal statute for payment stablecoins, with rulemaking delegated to prudential regulators and coordination across market agencies (legislative overview, policy report).
For a definitive answer on who drafts, look for the statute first (Congress), then the specific agency rulemakings tied to that law (FDIC/Fed/OCC for issuance; SEC/CFTC for markets).
Conclusion
U.S. stablecoin governance is multi?agency: Congress writes the law, banking regulators draft issuer rules, and market regulators shape trading and derivatives. To navigate it, match your question to the part of the stack (issuance vs. markets) and follow the corresponding regulators notices and proposed rules.
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