US Banks Seek Delay in Stablecoin Oversight Rulemaking Under GENIUS Act

Major U.S. banking organizations, including the American Bankers Association and the Bank Policy Institute, have formally requested that the U.S. Department of the Treasury and the Federal Deposit Insurance Corp (FDIC) extend the window for public feedback on the implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The banking coalition is seeking an extension of at least 60 days following the conclusion of a separate rulemaking effort by the Office of the Comptroller of the Currency (OCC). According to the associations, the proposed rules currently being pursued by the FDIC and the Treasury's Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN) are directly contingent upon the OCC's final framework. Industry representatives described the current regulatory workload as being of 'extraordinary scope and complexity.' They contend that providing more comprehensive and useful feedback to federal agencies requires sufficient time to evaluate the proposed rules collectively against the finalized OCC guidelines. While the GENIUS Act is intended to be fully operational by 2027, these requests highlight the ongoing friction between traditional banking institutions and the digital asset sector. This tension is further reflected in the ongoing debate over the Digital Asset Market Clarity Act, which has already faced months of delays and remains in jeopardy for the current year.