In this comment letter to the Federal Deposit Insurance Corporation (FDIC), the CAQ responds to the FDIC’s proposed rulemaking on GENIUS Act Requirements and Standards for FDIC-Supervised Permitted Payment Stablecoin Issuers and Insured Depository Institutions.
In our letter, we support the FDIC’s objective to enhance transparency, reliability, and accountability for permitted payment stablecoin issuers. Given our role, our comments are primarily focused on the aspects of the proposed rulemaking that impact public company auditors. Specifically, we offer views on:
- Audits of financial statements for certain permitted payment stablecoin issuers;
- Examination of monthly composition reports; and
- Mechanisms to increase transparency and reliability of information reported by permitted payment stablecoin issuers, including examinations of internal controls over stablecoin operations and reserves.
Read the full comment letter here.