US banking groups request extension on stablecoin rule comments

U.S. banking groups, including the American Bankers Association and the Bank Policy Institute, have asked the Treasury Department to extend the comment period for the implementation of the GENIUS Act, a law regulating stablecoins. According to CoinDesk, the groups are seeking to extend the feedback deadline for three proposed rules related to the act. They have specifically requested at least 60 additional days for review after the Office of the Comptroller of the Currency (OCC) finalizes its separate regulatory work. The OCC is currently developing rules for supervising stablecoin issuers, which is considered a key factor that will influence the regulatory direction of the Treasury's Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN). The banking groups argued that since the direction of stablecoin regulation is not yet finalized, sufficient time is needed for a comprehensive review that reflects the OCC's standards, as they could affect other regulations.