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U.S. banking coalition requests extension of comment period for GENIUS Act rules, citing need to wait for OCC framework.

MeNews
ME News, April 23 (UTC+8), the American Banking Alliance sent a letter to the Treasury Department and the Federal Deposit Insurance Corporation, requesting an extension of the public comment period for rules related to the GENIUS Stablecoin Act, and proposing an extension of at least 60 days after the Office of the Comptroller of the Currency completes its rulemaking. Bankers believe that the relevant rules of the Treasury's Office of Foreign Assets Control and the Financial Crimes Enforcement Network, as well as the FDIC's rulemaking, are "directly dependent on the OCC's final framework," and these regulatory efforts are "extremely broad and complex." Organizations such as the American Bankers Association and the Bank Policy Institute stated that they can only provide more comprehensive opinions after having sufficient time to evaluate all proposed rules and compare them with the OCC's final framework. The GENIUS Act is scheduled to take effect in 2027, and it is not uncommon for federal agencies to extend the comment period for complex rules. Meanwhile, disputes between banks and the crypto industry over stablecoins have delayed the Digital Asset Market Clarity Act for several months and may affect its prospects of becoming law this year. (Source: PANews)
GENIUS-0.67%
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