The Board of Governors of the Federal Reserve System (Board) is required to issue regulations to implement its responsibilities under the GENIUS Act, which became law on July 18, 2025. Similar regulations must be promulgated by the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA), and the agencies must coordinate on their rulemakings. The Board's notice of proposed rulemaking will include a proposal on capital, liquidity, reserve asset diversification, and risk management requirements on stablecoin issuers regulated by the Board.