The U.S. Banking Coalition Requests Extension of the Comment Period for the GENIUS Act Rules, Citing Need to Await the Office of the Comptroller of the Currency's Framework.

ME News: On April 23 (UTC+8), the American Banking Association sent a letter to the Treasury Department and the Federal Deposit Insurance Corporation (FDIC), requesting an extension of the public comment period for rules related to the 《GENIUS Stablecoin Act》 and suggesting extending it by at least 60 days after the Office of the Comptroller of the Currency (OCC) completes its rulemaking. Bankers believe that the relevant rules of the Treasury Department’s Office of Foreign Assets Control and the Financial Crimes Enforcement Network, as well as the FDIC’s rulemaking, “directly depend on the OCC’s final framework,” and that these regulatory efforts are “extremely broad and complex.” Organizations such as the American Bankers Association and the Bank Policy Institute said they can only provide more comprehensive feedback after having enough time to assess 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 comment periods for complex rules. Meanwhile, disputes between banks and the crypto industry over stablecoins have already delayed the 《Digital Asset Market Clarity Act》 by several months, and may affect its prospects of becoming law this year. (Source: PANews)