1 entry tagged michael barr. All writing.
SEPTEMBER 25, 2026 The Fed Wrote the House Rules. Nobody Lives There Yet. On September 24 the Federal Reserve proposed its rulebook for the stablecoin issuers it will supervise under the GENIUS Act — Treasury bills of 93 days or less, a two-business-day redemption promise, a capital charge that starts at two percent, and an automatic wind-down for anyone who falls short. The headlines say the Fed is telling stablecoins what to hold. Mostly Congress already did that. What the Fed actually decided is more interesting, and the list of issuers it applies to today is empty.