ABA Seeks 60-Day Extension on GENIUS Act Stablecoin Rules
ABA asks Treasury, FDIC, FinCEN and OFAC for 60 more days to submit public comments, proposing that comments begin only after the OCC issues its final rule.
The American Bankers Association asked the Treasury Department, FDIC, FinCEN and the Treasury’s Office of Foreign Assets Control for a 60-day extension to the public comment period on rules implementing the GENIUS Act. The letter, sent Tuesday, requested that comment begin only after the Office of the Comptroller of the Currency issues its final rule, a change that could delay regulatory implementation by about two months.
The ABA wrote that the draft rules from the FDIC, Treasury and FinCEN are “substantially dependent” on the OCC’s forthcoming regulation and that stakeholders cannot offer complete feedback without the OCC’s final text. The letter noted, “Meaningful comment on that question is impossible without knowing the final content of the OCC’s rule.”
The association pointed to the FDIC’s notice, which states the agency “has endeavored, in many areas, to align this proposed rule with the OCC’s proposed rule, to the extent relevant,” and invites comment on how federal stablecoin rules should align.
The GENIUS Act, a stablecoin payments law signed in July 2025, requires agencies to issue rules that will govern payment stablecoin issuers. Under the statute, the law can take effect 120 days after final regulations are issued or 18 months after enactment, whichever comes first, so the timing of each agency’s rulemaking affects when the law becomes effective.
The association added that synchronizing comment periods would help stakeholders provide more informed feedback and could affect the schedule for regulatory rollout.
The ABA is also active in other digital asset debates. It has participated in discussions around the CLARITY Act and recently challenged a White House analysis assessing the effects of banning yields on stablecoins. In the Senate, a path forward for the CLARITY Act has not been announced; Senator Thom Tillis recommended that the Senate Banking Committee chair, Senator Tim Scott, schedule a markup in May.
Regulators will consider the ABA’s request as they continue drafting rules that will determine how the GENIUS Act is implemented.
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