[Federal Reserve Seeks Public Comments on Regulatory Proposals for Payment Stablecoins Under the GENIUS Act] The Federal Reserve is seeking public comments on two proposals to establish a regulatory framework for payment stablecoin issuers under the GENIUS Act. The first proposal requires issuers to fully collateralize with assets such as short-term Treasury securities, set capital and risk management standards, and regulate asset custody rules and related banking business licenses. The second proposal establishes a dedicated process for banks applying to issue payment stablecoins, requiring the submission of business plans and financial information, while clarifying appeal and adjudication procedures. The public comment period will last 60 days following publication in the Federal Register.