The cryptocurrency sector often finds itself at the forefront of regulatory efforts involving bankers, and this time, a coalition of banking trade associations has requested that the US Department of the Treasury extend the public consultation period for implementing the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which was passed last year. In a letter sent to the Treasury Department and the Federal Deposit Insurance Corporation this week, US bankers are seeking extended comment periods of at least 60 days after the Office of the Comptroller of the Currency completes its rulemaking effort. The OCC's push to implement its rule for overseeing stablecoin issuers has significant implications for other rules being pursued by the Treasury's Office of Foreign Assets Control and the Financial Crimes Enforcement Network, as well as a related rulemaking effort at the FDIC.
According to the bankers, all these efforts are directly contingent on the OCC's final framework, and the collective regulatory work represents an extraordinary scope and complexity. The banking organizations, including the American Bankers Association and the Bank Policy Institute, argue that their comments will be more comprehensive and useful to the agencies if they have sufficient time to evaluate the proposed rules together and against the finalized OCC framework.
The GENIUS Act is scheduled to be in place by 2027, although it is not uncommon for federal agencies to grant extensions for complex rules. The Treasury Department has not immediately responded to a request for comment on the bank industry's request. The same bankers are also engaged in a stablecoin-related debate with the crypto industry, which has already delayed the Digital Asset Market Clarity Act for months and potentially jeopardized its chances of becoming law this year.