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Banking group asks for more time to comment on US stablecoin bill
TL;DR
The American Bankers Association has requested an extension of 60 days to comment on the US stablecoin bill, potentially delaying its implementation. This request is directed to multiple US regulatory agencies involved in the rulemaking process.
Key points
- American Bankers Association requests more time to comment
- Request directed to US Treasury and other regulatory agencies
- Potential delay of up to two months for stablecoin bill implementation
The American Bankers Association (ABA) has asked US government agencies responsible for regulations related to a stablecoin bill for more time to comment, potentially delaying implementation by as much as two months.
In a Tuesday letter to the US Treasury Department, Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN) and Treasury’s Office of Foreign Assets Control, the ABA requested the agencies extend the deadline for public comment on rules for the GENIUS Act, a stablecoin payments bill signed into law in July 2025.
The banking group asked for 60 additional days to comment on rulemaking after the issuance of a final rule by the Office of the Comptroller of the Currency (OCC), saying the rules by the other agencies were “substantially dependent” on the outcome of the OCC’s.
“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,’” said the letter. “Meaningful comment on that question is impossible without knowing the final content of the OCC’s rule.”
Source: ABA
Since being signed into law by US President Donald Trump in July, implementation of the stablecoin bill has moved to agencies like the FDIC and Treasury, which need to finalize regulations. According to the law, the legislation can be enacted 120 days after final regulations are issued or 18 months after enactment, whichever comes first.
Related: UK cracks down on illegal peer-to-peer crypto trading in nationwide raids
In addition to its request related to the GENIUS Act, the ABA is a party to policy debates concerning a crypto market structure bill, which could potentially affect the legal status of stablecoin yield. Last week, the association that claimed banning stablecoin yields would only have a negligible impact on banks.
Q&A
What is the GENIUS Act related to stablecoins?
The GENIUS Act is a stablecoin payments bill signed into law in July 2025 that outlines regulations for payment stablecoins.
Why did the American Bankers Association request more time to comment?
The ABA requested more time to comment because the rules from other agencies are dependent on the final rule from the Office of the Comptroller of the Currency.
How could the ABA's request affect the implementation of the stablecoin bill?
If granted, the ABA's request for an additional 60 days could delay the implementation of the stablecoin bill by up to two months.
