American banking trade group seeks extension on stablecoin legislation feedback deadline
Following the US Office of the Comptroller of the Currency's release of a final rule, the American Bankers Association has requested an additional 60-day period to provide feedback on the GENIUS Act rulemaking process.
The American Bankers Association (ABA) has requested additional time from US government regulatory bodies overseeing stablecoin legislation-related regulations, a move that could push back the implementation timeline by up to two months.
Through a letter delivered on Tuesday to multiple agencies including the US Treasury Department, the Federal Deposit Insurance Corporation (FDIC), the Financial Crimes Enforcement Network (FinCEN), and Treasury's Office of Foreign Assets Control, the ABA sought an extension for the public comment deadline regarding regulations for the GENIUS Act, which became law through presidential signature in July 2025 as a stablecoin payments bill.
Following the Office of the Comptroller of the Currency's (OCC) publication of a final rule, the banking organization requested an additional 60-day window to submit comments on the rulemaking process, citing that the regulations from the remaining agencies rely "substantially dependent" upon the conclusions reached by the OCC.
"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,' Meaningful comment on that question is impossible without knowing the final content of the OCC's rule."
Following US President Donald Trump's signing of the stablecoin bill into law in July, the responsibility for implementation has transitioned to regulatory agencies such as the FDIC and Treasury, which must complete the finalization of regulations. Based on the statutory requirements, the legislation may take effect either 120 days following the publication of final regulations or 18 months after enactment, depending on which deadline arrives first.
Beyond its GENIUS Act-related request, the ABA has been actively participating in policy discussions surrounding a crypto market structure bill, which has the potential to influence the legal framework governing stablecoin yield. In the previous week, the association contested a White House report that maintained prohibiting stablecoin yields would result in only minimal consequences for banking institutions.
Stablecoin yield debate continues as Senate considers CLARITY Act
By Wednesday, members of the US Senate had yet to publicly announce an agreement that would enable a different crypto market structure bill, known as the CLARITY Act following its passage through the US House of Representatives in July, to advance through the legislative process.
According to reports from Monday, North Carolina Senator Thom Tillis indicated that he had advised Senate Banking Committee leader Tim Scott to schedule a markup session on the bill during May, which would likely delay a vote before the full chamber.