Written by Turner Wright,Staff Writer
Reviewed by Robert Lakin,Staff EditorBanking group asks for more time to comment on US stablecoin bill
27 minutes agoThe letter to four US government agencies said banks needed 60 more days for comment after OCC stablecoin rulemaking had been finalized.
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Subscribe on Subscribe onThe American Bankers Association (ABA) has asked US government agencies responsible for regulations related to a stablecoin bill for more time to comment, potentially delaying implementation by as much as two months.
In a Tuesday letter to the US Treasury Department, Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN) and Treasury’s Office of Foreign Assets Control, the ABA requested the agencies extend the deadline for public comment on rules for the GENIUS Act, a stablecoin payments bill signed into law in July 2025.
The banking group asked for 60 additional days to comment on rulemaking after the issuance of a final rule by the Office of the Comptroller of the Currency (OCC), saying the rules by the other agencies were “substantially dependent” on the outcome of the OCC’s.
“The FDIC has stated explicitly in its [notice] that it ‘has endeavored, in many areas, to align this proposed rule with the OCC's proposed rule, to the extent relevant,’ and specifically invites comment ‘on the extent to which the primary Federal payment stablecoin regulators should further align in their final rules to promote consistency of regulations applicable to all PPSIs subject to the GENIUS Act,’” said the letter. “Meaningful comment on that question is impossible without knowing the final content of the OCC’s rule.”
Since being signed into law by US President Donald Trump in July, implementation of the stablecoin bill has moved to agencies like the FDIC and Treasury, which need to finalize regulations. According to the law, the legislation can be enacted 120 days after final regulations are issued or 18 months after enactment, whichever comes first.
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In addition to its request related to the GENIUS Act, the ABA is a party to policy debates concerning a crypto market structure bill, which could potentially affect the legal status of stablecoin yield. Last week, the association challenged a report from the White House that claimed banning stablecoin yields would only have a negligible impact on banks.
Stablecoin yield debate continues as Senate considers CLARITY Act
As of Wednesday, lawmakers in the US Senate had not announced a deal which could allow a separate crypto market structure bill, called the CLARITY Act when it passed the US House of Representatives in July, to move forward.
North Carolina Senator Thom Tillis reportedly said on Monday that he recommended Senate Banking Committee leader Tim Scott schedule a markup on the bill in May, potentially pushing back a vote in the full chamber.
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