THE FED JUST PUBLISHED THE RULES FOR ISSUING DOLLARS — BACKED BY TREASURY BILLS, APPROVED BY APPLICATION — BITCOIN NEEDED NEITHER

The Federal Reserve Board asked for public comment on September 24, 2026 on two proposals that build the rulebook for payment stablecoin issuers under the GENIUS Act. The first requires issuers to fully back their coins with permissible reserve assets, described as short term Treasury bills and other high quality liquid assets. The second creates an application process. A Board supervised bank that wants to issue one files a business plan and waits.

Read that again. There is now a form you fill out to be allowed to make money, and a list of what you are permitted to hold behind it.

Nobody filed anything to start bitcoin. There is no issuer to supervise, no reserve to inspect, no application to approve or deny. That is not a gap in the rules. It is the design, and it is why the Board can write a full framework for every other digital dollar and not one line that reaches this one.

The comment period closes sixty days after the proposals reach the Federal Register. Watch who writes in. The banks that want the license will be first, and they will ask for the door to be narrower behind them. At the time of this writing, bitcoin was $84,274.