By cryptoadmin A coalition of U.S. banking trade associations has asked federal regulators to slow the public comment process for three major stablecoin rules under the $GENIUS Act. The request went to the Treasury Department and the Federal Deposit Insurance Corp. this week.
The groups said their comments would be more useful if regulators first complete the Office of the Comptroller of the Currency’s framework for stablecoin issuers. They asked for the three comment periods to stay open until at least 60 days after the OCC finishes that rule.
Banks Push for One Review Window
The trade groups argued that the Treasury, FDIC, OFAC, and FinCEN proposals are tightly connected to the OCC’s pending framework. In their view, reviewing those rules before the OCC finishes its work would fragment the comment process.
The letter said the combined regulatory agenda carries extraordinary scope and complexity. It also noted that more proposals could still emerge from the Federal Reserve and other agencies. As a result, the organizations argued that a staggered process could undercut the agencies’ stated goal of regulatory consistency.
They further contended that each proposal must be judged against the final OCC rule, not an unfinished version. That position centers on timing rather than opposition to the law itself. The groups said they need enough time to evaluate the rules together and compare how each agency applies the statute.
Three Rules Sit at the Center of the Dispute
One proposal comes from the Treasury Department and sets out how a state regulatory system could be judged substantially similar to the federal regime. That decision would affect whether some issuers may stay under state supervision.
Notably, Treasury’s April 1 proposal caps outstanding issuance at no more than $10 billion for that state pathway. It also requires the state regime to meet or exceed federal standards. The proposal says qualifying states would also need approval from the Stablecoin Certification Review Committee.
However, Treasury warned that weak state enforcement could create a race to the bottom among issuers. A second proposal comes from the FDIC and covers standards for agency-regulated stablecoin issuers and banks. A third proposal, issued jointly by FinCEN and OFAC, covers anti-money laundering and sanctions compliance.
The associations said those three rules are substantively tethered to the OCC proposal. They said separate deadlines would make it harder to submit comprehensive comments across the full framework.
Trade Groups Say Timing Will Shape the Final Record
The organizations involved include the American Bankers Association and the Bank Policy Institute. Their letter said a broader review would produce comments that are more complete and more useful to regulators.
They argued that compressed timelines across interdependent proposals would weaken the quality of public feedback. They also acknowledged that a coordinated review period would better support consistency across agencies.
In simpler terms, the request asks for an extension, not a rewrite of the implementation schedule. Basically, the $GENIUS Act is meant to be in place by 2027. Though federal agencies often grant longer comment periods for large technical proposals.
The Treasury Department did not immediately respond to a request for comment on the delay request. The same banking groups are also involved in a separate stablecoin dispute with the crypto industry over the Digital Asset Market Clarity Act. That debate has already delayed that bill for months.
Taken together, the disputes show how stablecoin oversight remains tied to broader digital asset rulemaking in Washington. For now, banks are pressing one immediate point: more time before the next $GENIUS Act rules move forward.