U.S. Bank Groups Request Extension on Stablecoin Rule Proposals

U.S. bank trade groups have urged the Treasury Department and the Federal Deposit Insurance Corporation (FDIC) to extend the comment periods for three rule proposals under the GENIUS Act concerning stablecoin oversight. According to NS3.AI, the groups emphasized that these proposals are contingent upon the Office of the Comptroller of the Currency's (OCC) final framework. They have requested a minimum of 60 days for comments following the conclusion of the OCC's rulemaking process. The GENIUS Act is scheduled to be implemented by 2027.