US, UK Align on Stablecoin Rules as GENIUS Act Moves to Implementation

The Bank of England has already adjusted its own stablecoin plans based on industry consultations. It dropped an earlier proposal to cap the number of coins an individual user could hold. It also set a temporary £40 billion annual cap on issuance of systemic stablecoins, and cut the share of reserves that must sit as non-interest-bearing deposits at the central bank to 30%, down from a proposed 40%. That frees 70% of reserves to be held in UK government bonds, moving London closer to the transatlantic approach.

The GENIUS Act, which passed the Senate in March, still needs House approval and a presidential signature before the US framework takes effect. The working group session did not set a timeline for further rulemaking.

Separately, an FBI agent was charged in a $1 million crypto theft after allegedly using ChatGPT to plan an escape, a reminder that enforcement risk in digital assets runs in both directions.