Overview
- A coalition of major bank trade groups asked the Treasury and the FDIC to push back public comment windows on three GENIUS Act proposals by at least 60 days after the OCC finalizes its supervisory framework.
- The American Bankers Association and the Bank Policy Institute signed the letter, arguing that rules from OFAC, FinCEN, and the FDIC hinge on how the OCC sets standards for supervising stablecoin issuers.
- Regulators have begun issuing draft rules for stablecoin oversight that cover reserve backing, public disclosures, rapid redemptions, and anti-money-laundering and sanctions controls, which banks say must be reviewed together for consistency.
- Treasury did not immediately comment on the request, which could slow final rulemaking as agencies work toward the law’s goal of a national framework by 2027.
- The push comes as banking groups clash with crypto industry advocates in Congress, where disagreements have already helped stall the Digital Asset Market Clarity Act.