Overview
- A coalition of U.S. bank trade groups, including the American Bankers Association and the Bank Policy Institute, asked Treasury and the FDIC to extend three stablecoin rule comment periods by at least 60 days after the OCC finalizes its supervisory framework.
- The letter targets draft rules from the Treasury’s sanctions and anti-money-laundering units (OFAC and FinCEN) and from the FDIC, which the bankers say hinge on how the OCC sets oversight for stablecoin issuers.
- Banks argue that a coordinated review is needed because the proposals touch shared mechanics such as dollar-for-dollar reserves, sanctions screening with the ability to block or freeze transactions, and redemption timelines.
- Treasury did not immediately comment on the request reported this week, and any extension would likely slow agencies’ current schedules for finishing the GENIUS Act rule set.
- The GENIUS Act, signed in July 2025, directs regulators to build a national regime for dollar-pegged tokens on a tight timeline, as a separate Senate fight over whether platforms can pay stablecoin rewards has already bogged down the Digital Asset Market Clarity Act.