- US banks have asked the Treasury and the FDIC to delay three comment periods under the GENIUS Act stablecoin.
- Trade groups say the rules depend on the OCC’s plan and require preliminary review.
- Treasury policy for Apr. 1 allows states to monitor donors under $10B if the laws are consistent with federal law.
A coalition of US banking unions has asked federal regulators to delay public comment on three major stablecoin regulations under the GENIUS Act. The request went to the Treasury Department and the Federal Deposit Insurance Corp. this week.
The groups said that their comments would be more useful if the authorities were to finalize the Office of the Comptroller of the Currency for stablecoin issuers. He requested that the three comment periods remain open until at least 60 days after the OCC finalizes the rule.
Banks Push for Single Window Review
Trade groups have argued that the recommendations of the Treasury, FDIC, OFAC, and FinCEN are tightly linked to the OCC’s expectations. In their view, reviewing these rules before the OCC completes its work would divide commenters.
The letter said The integrated management schedule has a high volume and complexity. It said more ideas could still come out of the Federal Reserve and other institutions. As a result, the organizations argued that the regulatory framework could undermine the organization’s stated goal of managing the system.
They also said that each idea must be judged against the last OCC policynot an unfinished version. That situation is based on time rather than against the law itself. The groups said they needed enough time to review the rules together and compare how each agency applied the law.
Three Commandments Are at the Center of the Debate
One proposal comes from the Department of the Treasury and explains how the state administration can be judged more like the federal government. That decision could affect whether some providers would be subject to government oversight.
In particular, Treasury Opinion for April 1 The best offer is no more than $10 billion for the federal system. It also requires the state to meet or exceed federal standards. The proposal states that eligible countries will also need to be approved by the Stablecoin Information Review Committee.
However, the Treasury warned that weak government enforcement could lead to competition between providers. The second proposal comes from the FDIC and concerns standards for stablecoin issuers regulated by institutions and banks. The third proposal, issued jointly by FinCEN and OFAC, relates to financial violations and enforcement.
The agencies say the three rules are closely followed by the OCC’s decision. They said the different endpoints made it difficult to provide comprehensive feedback on all objectives.
Business Groups Say Time Will Change the Last Record
Organizations involved include the American Bankers Association and the Bank Policy Institute. Their letter said the broader review would produce more comprehensive and useful feedback for regulators.
They argued that time tracking in relational thinking would weaken people’s responses. They also agreed that a consistent review period would improve consistency across organizations.
In simple terms, the petition asks for an extension, not a rewrite of the operating plan. Basically, and the GENIUS Act they are supposed to be in place by 2027. Although federal agencies often provide a longer comment period for major technical discussions.
The Treasury Department did not immediately respond to a request for comment on the late request. The same banking groups are also involved in a separate dispute between stablecoins and crypto companies over the Digital Asset Market Clarity Act. The debate has already delayed the bill for several months.
Taken together, the arguments show how stablecoin oversight is still tied to Washington’s control of digital finance. Meanwhile, banks are grappling with one thing: more time for the next GENIUS Act to move forward.
Also Read: 35% of European Crypto Users May Switch Banks on Access, Survey Warns
